Brokerages Set Dayforce, Inc. (NYSE:DAY) Price Target at $71.43

Key Points

• Dayforce, Inc. has an average rating of "Hold" from analysts, with 12 hold recommendations, 3 buy, and 1 strong buy, resulting in a 12-month price target of $71.43.
• Insider transactions show that executives have sold shares recently, with 11,382 shares valued at $677,760 sold in the last three months.
• In its latest quarterly earnings report, Dayforce beat analyst expectations with $0.61 earnings per share and revenue of $464.70 million, a 9.8% increase year-over-year.

Shares of Dayforce, Inc. (NYSE:DAY - Get Free Report) have been assigned a consensus recommendation of "Hold" from the sixteen research firms that are presently covering the company, MarketBeat.com reports. Thirteen research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $70.3571.

A number of research firms recently issued reports on DAY. TD Cowen downgraded Dayforce from a "buy" rating to a "hold" rating in a research report on Thursday, August 21st. Barclays upped their price target on shares of Dayforce from $61.00 to $70.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Citigroup cut shares of Dayforce from a "buy" rating to a "neutral" rating and set a $70.00 price target on the stock. in a research report on Wednesday. Mizuho set a $70.00 price target on shares of Dayforce in a research report on Friday, August 22nd. Finally, Piper Sandler raised shares of Dayforce to a "strong-buy" rating in a research report on Tuesday, August 19th.

Dayforce Stock Down 0.2%

Shares of DAY traded down $0.14 during trading hours on Thursday, hitting $68.81. 2,993,779 shares of the company were exchanged, compared to its average volume of 1,869,307. The firm's 50 day moving average is $62.31 and its 200-day moving average is $58.84. Dayforce has a 52 week low of $48.01 and a 52 week high of $82.69. The company has a market cap of $10.99 billion, a PE ratio of 229.37, a PEG ratio of 2.54 and a beta of 1.14. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.04 and a current ratio of 1.04.

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

Insider Activity

In related news, EVP William Everett Mcdonald sold 2,059 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total value of $113,265.59. Following the sale, the executive vice president owned 103,684 shares in the company, valued at approximately $5,703,656.84. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction on Monday, September 15th. The stock was sold at an average price of $68.95, for a total transaction of $137,900.00. Following the transaction, the chief operating officer owned 186,811 shares in the company, valued at $12,880,618.45. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,382 shares of company stock valued at $677,760. Insiders own 4.50% of the company's stock.

Institutional Trading of Dayforce

Institutional investors and hedge funds have recently bought and sold shares of the stock. MUFG Securities EMEA plc purchased a new position in shares of Dayforce during the 2nd quarter worth about $26,000. SVB Wealth LLC purchased a new stake in shares of Dayforce in the 1st quarter valued at $30,000. Assetmark Inc. boosted its holdings in Dayforce by 701.4% during the second quarter. Assetmark Inc. now owns 561 shares of the company's stock worth $31,000 after buying an additional 491 shares in the last quarter. National Pension Service raised its position in Dayforce by 74.5% during the first quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after acquiring an additional 231 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Dayforce by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 715 shares of the company's stock worth $40,000 after acquiring an additional 240 shares during the period.

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.