Dayforce (NYSE:DAY) Price Target Raised to $61.00

Key Points

• Barclays has raised the price target for Dayforce (NYSE:DAY) from $60.00 to $61.00, indicating a potential upside of 11.60% from the current price.
• Dayforce has received an average rating of "Moderate Buy" from analysts, with ten buy ratings and only one sell rating issued among various brokerages.
• Recent insider transactions saw EVP Samer Alkharrat and COO Stephen H. Holdridge decrease their holdings in the company, selling a total of 6,659 shares in July.

Dayforce (NYSE:DAY - Get Free Report) had its price target upped by research analysts at Barclays from $60.00 to $61.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price target points to a potential upside of 11.60% from the company's current price.

A number of other brokerages have also issued reports on DAY. Jefferies Financial Group reiterated a "hold" rating on shares of Dayforce in a research report on Friday, May 23rd. Needham & Company LLC reaffirmed a "buy" rating and set a $95.00 price objective on shares of Dayforce in a research report on Monday, June 30th. UBS Group raised their price objective on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. Citigroup boosted their target price on shares of Dayforce from $68.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Dayforce in a report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $70.93.

Dayforce Stock Performance

NYSE:DAY opened at $54.66 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.02 and a quick ratio of 1.02. Dayforce has a 1-year low of $48.01 and a 1-year high of $82.69. The firm has a 50 day simple moving average of $57.50 and a 200-day simple moving average of $59.21. The firm has a market cap of $8.74 billion, a PE ratio of 342.99, a P/E/G ratio of 2.07 and a beta of 1.11.

Insider Transactions at Dayforce

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $59.69, for a total value of $278,095.71. Following the completion of the transaction, the executive vice president owned 127,632 shares in the company, valued at $7,618,354.08. This represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $110,020.00. Following the transaction, the chief operating officer directly owned 190,811 shares of the company's stock, valued at $10,496,513.11. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,382 shares of company stock worth $539,860 in the last ninety days. Insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Capital International Investors increased its stake in Dayforce by 3.9% during the 4th quarter. Capital International Investors now owns 17,659,706 shares of the company's stock worth $1,282,800,000 after buying an additional 667,065 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Dayforce by 9.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company's stock worth $969,470,000 after acquiring an additional 1,387,943 shares during the period. EdgePoint Investment Group Inc. lifted its holdings in shares of Dayforce by 55.0% during the first quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company's stock valued at $808,484,000 after purchasing an additional 4,918,825 shares during the last quarter. Capital World Investors raised its holdings in shares of Dayforce by 1.0% during the fourth quarter. Capital World Investors now owns 13,654,333 shares of the company's stock valued at $991,851,000 after acquiring an additional 128,578 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Dayforce by 36.0% during the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock valued at $209,033,000 after acquiring an additional 948,436 shares during the period.

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.

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