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

Dayforce (NYSE:DAY) had its target price reduced by Scotiabank from $72.00 to $55.00 in a research report released on Monday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Other research analysts also recently issued reports about the company. Piper Sandler reiterated an “overweight” rating and issued a $83.00 price target (down from $94.00) on shares of Dayforce in a report on Wednesday, February 5th. Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Dayforce in a research note on Thursday, February 6th. Jefferies Financial Group lowered their price objective on shares of Dayforce from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Finally, Barclays lowered their price objective on shares of Dayforce from $80.00 to $69.00 and set an “equal weight” 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 issued a buy rating to the company’s stock. According to data from MarketBeat, Dayforce currently has an average rating of “Moderate Buy” and a consensus target price of $77.86.

Dayforce Trading Up 0.9 %

Shares of Dayforce stock opened at $57.63 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.13 and a quick ratio of 1.15. Dayforce has a 1 year low of $47.08 and a 1 year high of $82.69. The company has a market capitalization of $9.16 billion, a P/E ratio of 523.96, a P/E/G ratio of 2.49 and a beta of 1.33. The business has a 50 day moving average price of $64.83 and a 200 day moving average price of $67.74.

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

Insider Activity

In related news, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total transaction of $71,330.00. Following the sale, the chief operating officer now owns 119,022 shares in the company, valued at $8,489,839.26. This represents a 0.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DAY. Principal Financial Group Inc. bought a new position in Dayforce in the 3rd quarter worth about $11,135,000. Sumitomo Mitsui Trust Group Inc. bought a new position in Dayforce in the 3rd quarter worth about $19,273,000. KBC Group NV bought a new position in Dayforce in the 3rd quarter worth about $946,000. CIBC Asset Management Inc bought a new position in Dayforce in the 3rd quarter worth about $1,434,000. Finally, Empirical Finance LLC bought a new position in Dayforce in the 3rd quarter worth about $236,000.

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.