Dayforce’s (DAY) “Overweight” Rating Reiterated at Piper Sandler

Dayforce (NYSE:DAY)‘s stock had its “overweight” rating restated by Piper Sandler in a research report issued on Wednesday,Benzinga reports. They presently have a $83.00 price target on the stock, down from their prior price target of $94.00. Piper Sandler’s target price suggests a potential upside of 23.47% from the stock’s current price.

A number of other research analysts also recently weighed in on DAY. BMO Capital Markets increased their target price on shares of Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Needham & Company LLC upped their price target on Dayforce from $82.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. KeyCorp lifted their price objective on Dayforce from $80.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Mizuho upped their price objective on shares of Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $80.00 target price (down previously from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.29.

Dayforce Trading Down 6.3 %

Shares of Dayforce stock traded down $4.52 during midday trading on Wednesday, reaching $67.23. The company had a trading volume of 3,142,526 shares, compared to its average volume of 1,578,634. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $82.69. The stock has a fifty day moving average price of $73.91 and a 200 day moving average price of $66.39. The firm has a market cap of $10.60 billion, a PE ratio of 203.69, a P/E/G ratio of 2.59 and a beta of 1.26. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15.

Dayforce (NYSE:DAY) last announced its earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.09). Dayforce had a net margin of 3.12% and a return on equity of 6.69%. On average, equities analysts anticipate that Dayforce will post 1.07 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David D. Ossip sold 858,697 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the completion of the transaction, the chief executive officer now owns 794,527 shares in the company, valued at $63,204,622.85. This represents a 51.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total transaction of $71,330.00. Following the completion of the sale, the chief operating officer now owns 119,022 shares in the company, valued at approximately $8,489,839.26. This trade represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 860,697 shares of company stock worth $68,456,936. Corporate insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DAY. Bleakley Financial Group LLC increased its stake in shares of Dayforce by 9.9% in the 3rd quarter. Bleakley Financial Group LLC now owns 4,867 shares of the company’s stock worth $298,000 after acquiring an additional 439 shares in the last quarter. HighTower Advisors LLC grew its holdings in Dayforce by 11.0% in the third quarter. HighTower Advisors LLC now owns 6,083 shares of the company’s stock worth $368,000 after purchasing an additional 602 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of Dayforce by 1.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 56,294 shares of the company’s stock valued at $3,448,000 after purchasing an additional 640 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Dayforce in the 3rd quarter worth approximately $40,000. Finally, Stifel Financial Corp grew its stake in shares of Dayforce by 16.0% in the 3rd quarter. Stifel Financial Corp now owns 5,001 shares of the company’s stock worth $306,000 after buying an additional 691 shares during the last quarter.

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.