Dayforce (NYSE:DAY) Shares Up 4.5% – Should You Buy?

Dayforce Inc (NYSE:DAY)’s stock price shot up 4.5% on Wednesday . The company traded as high as $69.28 and last traded at $68.23. 220,531 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,560,347 shares. The stock had previously closed at $65.32.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $82.00 price target on shares of Dayforce in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. TD Cowen lifted their price target on shares of Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, October 7th. KeyCorp assumed coverage on shares of Dayforce in a research note on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 price target for the company. Finally, Mizuho lifted their price target on shares of Dayforce from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.25.

Dayforce Price Performance

The firm’s fifty day simple moving average is $60.74 and its two-hundred day simple moving average is $56.80. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 0.47. The firm has a market cap of $11.22 billion, a PE ratio of 215.01, a P/E/G ratio of 2.52 and a beta of 1.29.

Dayforce (NYSE:DAY) last released its earnings results on Wednesday, July 31st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.18 by $0.05. Dayforce had a net margin of 3.12% and a return on equity of 6.69%. The firm had revenue of $423.30 million for the quarter, compared to the consensus estimate of $417.41 million. As a group, research analysts expect that Dayforce Inc will post 1.07 EPS for the current year.

Insider Transactions at Dayforce

In other news, COO Stephen H. Holdridge sold 2,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $69.25, for a total value of $138,500.00. Following the transaction, the chief operating officer now owns 98,437 shares of the company’s stock, valued at approximately $6,816,762.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Stephen H. Holdridge sold 2,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $69.25, for a total value of $138,500.00. Following the sale, the chief operating officer now owns 98,437 shares in the company, valued at approximately $6,816,762.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $63,370.00. Following the completion of the sale, the chief operating officer now owns 101,437 shares in the company, valued at $6,428,062.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,643 shares of company stock valued at $307,617. 4.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

Several large investors have recently bought and sold shares of the business. Select Equity Group L.P. bought a new position in Dayforce during the second quarter valued at $721,310,000. Elo Mutual Pension Insurance Co bought a new position in Dayforce during the second quarter valued at $673,000. State of New Jersey Common Pension Fund D bought a new position in Dayforce during the second quarter valued at $2,760,000. Vanguard Personalized Indexing Management LLC bought a new position in Dayforce during the second quarter valued at $663,000. Finally, Royal London Asset Management Ltd. bought a new position in Dayforce during the second quarter valued at $2,942,000.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.