Dayforce (NYSE:DAY) Given New $55.00 Price Target at Scotiabank

Dayforce (NYSE:DAY) had its target price decreased by stock analysts at Scotiabank from $72.00 to $55.00 in a report issued on Monday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s target price points to a potential downside of 2.99% from the stock’s current price.

A number of other brokerages have also recently commented on DAY. Citigroup reduced their target price on shares of Dayforce from $90.00 to $83.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price objective (down from $94.00) on shares of Dayforce in a research note on Wednesday, February 5th. Cowen raised Dayforce from a “hold” rating to a “buy” rating in a research report on Friday, March 7th. TD Cowen raised Dayforce from a “hold” rating to a “buy” rating and boosted their target price for the company from $67.00 to $68.00 in a report on Friday, March 7th. Finally, Jefferies Financial Group cut their price target on Dayforce from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.86.

Dayforce Stock Performance

DAY traded up $1.30 during trading on Monday, hitting $56.69. 454,090 shares of the stock were exchanged, compared to its average volume of 1,873,315. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. Dayforce has a 1-year low of $47.08 and a 1-year high of $82.69. The stock has a fifty day moving average price of $65.69 and a two-hundred day moving average price of $67.82. The firm has a market capitalization of $9.01 billion, a P/E ratio of 515.32, a PEG ratio of 2.49 and a beta of 1.33.

Dayforce (NYSE:DAY) last announced its earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. As a group, sell-side analysts predict that Dayforce will post 1.48 earnings per share for the current year.

Insider Transactions at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $71.33, for a total value of $71,330.00. Following the completion of the transaction, the chief operating officer now directly owns 119,022 shares of the company’s stock, valued at $8,489,839.26. This trade represents a 0.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

Several large investors have recently bought and sold shares of DAY. Capital International Investors raised its position in shares of Dayforce by 3.9% during the 4th quarter. Capital International Investors now owns 17,659,706 shares of the company’s stock worth $1,282,800,000 after purchasing an additional 667,065 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Dayforce by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 17,319,275 shares of the company’s stock worth $1,258,072,000 after acquiring an additional 197,773 shares during the last quarter. Capital World Investors raised its holdings in shares of Dayforce by 1.0% in the fourth quarter. Capital World Investors now owns 13,654,333 shares of the company’s stock worth $991,851,000 after acquiring an additional 128,578 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of Dayforce by 1.1% in the third quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock valued at $650,726,000 after acquiring an additional 112,086 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Dayforce by 1.9% during the third quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock valued at $347,236,000 after acquiring an additional 103,794 shares during the last quarter.

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.