Dayforce (NYSE:DAY) Sees Large Volume Increase – Here’s Why

Dayforce Inc (NYSE:DAY) shares saw an uptick in trading volume on Tuesday . 1,954,960 shares changed hands during trading, an increase of 22% from the previous session’s volume of 1,605,454 shares.The stock last traded at $81.10 and had previously closed at $81.80.

Wall Street Analysts Forecast Growth

DAY has been the subject of several recent research reports. Needham & Company LLC increased their price objective on shares of Dayforce from $82.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. KeyCorp raised their price objective on Dayforce from $80.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Mizuho upped their target price on Dayforce from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft raised their target price on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Jefferies Financial Group upped their price target on Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Dayforce currently has an average rating of “Moderate Buy” and an average price target of $78.77.

Dayforce Stock Up 0.2 %

The stock has a market capitalization of $12.60 billion, a P/E ratio of 242.03, a P/E/G ratio of 3.84 and a beta of 1.27. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The stock’s 50 day simple moving average is $68.58 and its 200 day simple moving average is $59.24.

Insider Activity at Dayforce

In other news, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total value of $68,309,346.35. Following the completion of the transaction, the chief executive officer now directly owns 794,527 shares of the company’s stock, valued at approximately $63,204,622.85. The trade was a 51.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey Scott Jacobs sold 643 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $40,746.91. Following the sale, the insider now owns 34,074 shares in the company, valued at approximately $2,159,269.38. This trade represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 865,340 shares of company stock valued at $68,770,223 over the last three months. 4.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Dayforce

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Select Equity Group L.P. bought a new stake in shares of Dayforce in the 2nd quarter worth approximately $721,310,000. EdgePoint Investment Group Inc. acquired a new position in shares of Dayforce during the second quarter valued at $521,396,000. Dragoneer Investment Group LLC bought a new position in shares of Dayforce during the second quarter worth about $193,274,000. Dimensional Fund Advisors LP acquired a new stake in shares of Dayforce in the 2nd quarter worth about $51,027,000. Finally, Cannae Holdings Inc. bought a new stake in Dayforce in the 2nd quarter valued at about $49,600,000.

Dayforce Company Profile

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.