Dayforce (NYSE:DAY) Upgraded to “Strong-Buy” at KeyCorp

Dayforce (NYSE:DAY) was upgraded by equities researchers at KeyCorp to a “strong-buy” rating in a research report issued on Monday, Zacks.com reports. KeyCorp also issued estimates for Dayforce’s Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $1.03 EPS, Q1 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.30 EPS, Q3 2025 earnings at $0.33 EPS, Q4 2025 earnings at $0.35 EPS, FY2025 earnings at $1.40 EPS and FY2026 earnings at $1.89 EPS.

Several other equities research analysts also recently issued reports on the company. BMO Capital Markets restated an “outperform” rating and issued a $75.00 price target on shares of Dayforce in a report on Tuesday, June 11th. Piper Sandler raised Dayforce from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $68.00 to $71.00 in a research note on Wednesday, July 31st. Wells Fargo & Company cut their price target on shares of Dayforce from $64.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, June 21st. TD Cowen lowered their price objective on shares of Dayforce from $63.00 to $53.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Dayforce has an average rating of “Moderate Buy” and a consensus price target of $68.55.

Dayforce Stock Up 2.0 %

Dayforce stock opened at $60.41 on Monday. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $75.33. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of 183.07, a PEG ratio of 2.12 and a beta of 1.29. The company’s 50 day simple moving average is $55.66 and its 200 day simple moving average is $57.15.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. Dayforce had a net margin of 2.89% and a return on equity of 6.35%. The company had revenue of $423.30 million during the quarter, compared to analyst estimates of $417.41 million. As a group, sell-side analysts anticipate that Dayforce will post 1.08 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in DAY. Financial Perspectives Inc acquired a new position in shares of Dayforce during the 2nd quarter worth about $28,000. Sentry Investment Management LLC acquired a new stake in shares of Dayforce in the second quarter valued at about $33,000. Benjamin F. Edwards & Company Inc. bought a new stake in Dayforce during the second quarter worth about $62,000. Brown Brothers Harriman & Co. acquired a new position in Dayforce during the second quarter valued at approximately $66,000. Finally, Canada Pension Plan Investment Board bought a new position in Dayforce in the second quarter valued at approximately $97,000.

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.