BMO Capital Markets Reiterates "Market Perform" Rating for Dayforce (NYSE:DAY)

Key Points

• BMO Capital Markets has reiterated its "market perform" rating for Dayforce (NYSE:DAY) and raised its price target from $67.00 to $70.00, indicating a potential upside of 1.39% from the stock's previous close.
• Recent analyses show a mixed outlook, with TD Cowen downgrading Dayforce to a "hold" rating while Jefferies Financial Group and Wells Fargo & Company have set their target price at $70.00.
• Dayforce reported a quarterly earnings per share (EPS) of $0.61, exceeding estimates of $0.52, and achieving a revenue of $464.70 million, up 9.8% compared to the previous year.

Dayforce (NYSE:DAY - Get Free Report)'s stock had its "market perform" rating restated by equities research analysts at BMO Capital Markets in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $70.00 price target on the stock, up from their previous price target of $67.00. BMO Capital Markets' target price points to a potential upside of 1.39% from the stock's previous close.

A number of other research analysts have also weighed in on the company. TD Cowen lowered Dayforce from a "buy" rating to a "hold" rating in a report on Thursday. Jefferies Financial Group upped their target price on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday. Wells Fargo & Company raised Dayforce from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $50.00 to $70.00 in a research note on Friday. Piper Sandler raised Dayforce to a "strong-buy" rating in a research note on Tuesday. Finally, UBS Group upped their target price on Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $72.86.

Dayforce Trading Up 0.1%

NYSE DAY opened at $69.0430 on Friday. The stock has a market capitalization of $11.03 billion, a price-to-earnings ratio of 229.81, a PEG ratio of 2.53 and a beta of 1.11. Dayforce has a one year low of $48.01 and a one year high of $82.69. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. The business's fifty day moving average is $57.03 and its 200-day moving average is $58.16.

Dayforce (NYSE:DAY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The business had revenue of $464.70 million for the quarter, compared to analysts' expectations of $457.83 million. During the same period in the previous year, the business posted $0.48 EPS. The firm's quarterly revenue was up 9.8% compared to the same quarter last year. Equities research analysts predict that Dayforce will post 1.48 EPS for the current year.

Insiders Place Their Bets

In other Dayforce news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $110,020.00. Following the completion of the transaction, the chief operating officer owned 190,811 shares in the company, valued at approximately $10,496,513.11. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $113,265.59. Following the completion of the transaction, the executive vice president owned 103,684 shares of the company's stock, valued at approximately $5,703,656.84. This trade represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,382 shares of company stock worth $539,860. 4.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dayforce

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Dayforce by 1.7% during the second quarter. Vanguard Group Inc. now owns 17,648,163 shares of the company's stock valued at $977,532,000 after acquiring an additional 296,198 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Dayforce by 9.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company's stock valued at $969,470,000 after buying an additional 1,387,943 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in shares of Dayforce by 17.2% during the second quarter. EdgePoint Investment Group Inc. now owns 16,244,490 shares of the company's stock valued at $899,782,000 after buying an additional 2,383,969 shares during the last quarter. Dragoneer Investment Group LLC boosted its position in shares of Dayforce by 0.5% during the second quarter. Dragoneer Investment Group LLC now owns 4,749,842 shares of the company's stock valued at $263,094,000 after buying an additional 23,592 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Dayforce by 0.3% during the second quarter. Geode Capital Management LLC now owns 4,014,285 shares of the company's stock valued at $221,912,000 after buying an additional 13,139 shares during the last quarter.

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.

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