Dayforce (NYSE:DAY) Stock Rating Lowered by Wells Fargo & Company

Dayforce (NYSE:DAY - Get Free Report) was downgraded by equities researchers at Wells Fargo & Company from an "equal weight" rating to an "underweight" rating in a report released on Friday, Marketbeat reports. They currently have a $50.00 price target on the stock, down from their prior price target of $60.00. Wells Fargo & Company's price target suggests a potential downside of 12.23% from the company's current price.

Other equities research analysts also recently issued reports about the company. UBS Group upped their target price on Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. KeyCorp cut their price objective on Dayforce from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Piper Sandler decreased their target price on Dayforce from $83.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Mizuho dropped their price target on shares of Dayforce from $95.00 to $80.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Dayforce in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Dayforce currently has an average rating of "Moderate Buy" and a consensus price target of $70.86.

Dayforce Price Performance

Dayforce stock traded down $2.62 during trading hours on Friday, hitting $56.97. 2,114,863 shares of the company traded hands, compared to its average volume of 1,773,712. The firm's 50-day simple moving average is $57.25 and its two-hundred day simple moving average is $64.04. The firm has a market cap of $9.11 billion, a P/E ratio of 517.96, a P/E/G ratio of 2.49 and a beta of 1.12. Dayforce has a 1-year low of $47.08 and a 1-year high of $82.69. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47.

Insiders Place Their Bets

In related news, EVP William Everett Mcdonald sold 2,000 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total value of $112,320.00. Following the completion of the sale, the executive vice president now directly owns 105,691 shares of the company's stock, valued at approximately $5,935,606.56. This represents a 1.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Samer Alkharrat sold 1,916 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $56.64, for a total transaction of $108,522.24. Following the sale, the executive vice president now owns 150,237 shares of the company's stock, valued at approximately $8,509,423.68. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DAY. EdgePoint Investment Group Inc. grew its holdings in shares of Dayforce by 55.0% during the 1st quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company's stock valued at $808,484,000 after acquiring an additional 4,918,825 shares in the last quarter. FMR LLC boosted its position in Dayforce by 382.5% during the fourth quarter. FMR LLC now owns 3,215,123 shares of the company's stock valued at $233,547,000 after purchasing an additional 2,548,779 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Dayforce by 9.1% in 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 purchasing an additional 1,387,943 shares in the last quarter. Invesco Ltd. grew its stake in Dayforce by 36.0% in the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock valued at $209,033,000 after purchasing an additional 948,436 shares in the last quarter. Finally, Capital International Investors increased its position in Dayforce by 3.9% in 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.

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.