Dayforce (NYSE:DAY) Sets New 1-Year High After Analyst Upgrade

Dayforce Inc (NYSE:DAY)’s share price reached a new 52-week high during trading on Friday after BMO Capital Markets raised their price target on the stock from $70.00 to $80.00. BMO Capital Markets currently has an outperform rating on the stock. Dayforce traded as high as $74.76 and last traded at $74.51, with a volume of 847320 shares traded. The stock had previously closed at $70.95.

Other research analysts have also issued research reports about the company. Citigroup increased their price objective on Dayforce from $75.00 to $81.00 and gave the company a “buy” rating in a report on Thursday. TD Cowen increased their price target on Dayforce from $58.00 to $62.00 and gave the company a “hold” rating in a report on Monday, October 7th. KeyCorp began coverage on shares of Dayforce in a research note on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 price objective for the company. Jefferies Financial Group raised their target price on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, Mizuho lifted their target price on shares of Dayforce from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Dayforce presently has an average rating of “Moderate Buy” and a consensus price target of $72.67.

Insider Buying and Selling at Dayforce

In related news, insider Jeffrey Scott Jacobs sold 643 shares of Dayforce 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 directly owns 34,074 shares of the company’s stock, valued at $2,159,269.38. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jeffrey Scott Jacobs sold 643 shares of the business’s stock in a transaction that occurred on 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 directly owns 34,074 shares in the company, valued at approximately $2,159,269.38. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $65.00, for a total value of $65,000.00. Following the completion of the transaction, the chief operating officer now owns 100,437 shares of the company’s stock, valued at $6,528,405. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,643 shares of company stock valued at $307,617 in the last ninety days. Company insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Dayforce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. bought a new stake in shares of Dayforce in the 3rd quarter valued at approximately $11,135,000. Mn Services Vermogensbeheer B.V. acquired a new stake in Dayforce in the 3rd quarter valued at $3,485,000. Asset Management One Co. Ltd. bought a new stake in Dayforce in the third quarter valued at $3,792,000. Robeco Institutional Asset Management B.V. acquired a new position in Dayforce during the third quarter worth $1,597,000. Finally, Fernwood Investment Management LLC bought a new position in shares of Dayforce during the third quarter valued at $1,448,000.

Dayforce Price Performance

The company’s 50 day moving average price is $61.11 and its 200 day moving average price is $56.90. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 1.15. The company has a market cap of $11.86 billion, a price-to-earnings ratio of 227.97, a P/E/G ratio of 2.52 and a beta of 1.27.

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. The firm had revenue of $423.30 million during the quarter, compared to the consensus estimate of $417.41 million. Dayforce had a net margin of 3.12% and a return on equity of 6.69%. On average, equities research analysts predict that Dayforce Inc will post 1.07 earnings per share for the current fiscal year.

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.