Dayforce (NYSE:DAY) Reaches New 12-Month High on Analyst Upgrade

Dayforce Inc (NYSE:DAY) shares hit 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. The stock had previously closed at $70.95.

A number of other brokerages also recently weighed in on DAY. Piper Sandler raised their price objective on Dayforce from $71.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday. Citigroup boosted their price objective on shares of Dayforce from $75.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday. TD Cowen upped their price objective on shares of Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, October 7th. KeyCorp initiated coverage on shares of Dayforce in a report on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 target price on the stock. Finally, Barclays upped their price target on shares of Dayforce from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday. Five 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 company. According to MarketBeat, Dayforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.67.

Insider Buying and Selling

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $63,370.00. Following the sale, the chief operating officer now directly owns 101,437 shares of the company’s stock, valued at approximately $6,428,062.69. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $63,370.00. Following the transaction, the chief operating officer now owns 101,437 shares of the company’s stock, valued at approximately $6,428,062.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $69.25, for a total value of $138,500.00. Following the completion of the transaction, the chief operating officer now owns 98,437 shares in the company, valued at approximately $6,816,762.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,643 shares of company stock worth $307,617 in the last quarter. 4.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dayforce

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

Dayforce Stock Up 6.0 %

The business’s 50-day moving average is $61.11 and its two-hundred day moving average is $56.91. The firm has a market capitalization of $11.89 billion, a price-to-earnings ratio of 227.98, a P/E/G ratio of 2.52 and a beta of 1.29. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 1.15.

Dayforce (NYSE:DAY) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. Dayforce had a net margin of 3.12% and a return on equity of 6.69%. The business had revenue of $423.30 million during the quarter, compared to analysts’ expectations of $417.41 million. On average, equities analysts anticipate that Dayforce Inc will post 1.07 earnings per share for the current year.

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.