Dayforce (NYSE:DAY) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays has raised its price target for Dayforce (NYSE:DAY) from $61.00 to $70.00, indicating a potential upside of 1.52% from the previous close.
• The stock currently holds an average rating of "Moderate Buy", with 1 Strong Buy, 6 Buy, and 9 Hold ratings from various analysts.
• Dayforce reported a quarterly earnings per share (EPS) of $0.61, surpassing estimates and reflecting a 9.8% increase in revenue compared to the same quarter last year.

Dayforce (NYSE:DAY - Get Free Report) had its price objective hoisted by investment analysts at Barclays from $61.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's price target indicates a potential upside of 1.52% from the company's previous close.

A number of other equities analysts also recently issued reports on DAY. Needham & Company LLC reaffirmed a "hold" rating and set a $95.00 price objective on shares of Dayforce in a report on Friday. Piper Sandler raised shares of Dayforce to a "strong-buy" rating in a report on Tuesday. TD Cowen downgraded shares of Dayforce from a "buy" rating to a "hold" rating in a report on Thursday. William Blair downgraded shares of Dayforce from an "outperform" rating to a "hold" rating in a report on Wednesday. Finally, KeyCorp restated a "sector weight" rating on shares of Dayforce in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $72.64.

Dayforce Stock Performance

NYSE:DAY opened at $68.9510 on Friday. The stock's 50-day moving average is $57.03 and its 200-day moving average is $58.16. The stock has a market cap of $11.01 billion, a P/E ratio of 229.84, a price-to-earnings-growth ratio of 2.53 and a beta of 1.11. Dayforce has a 1-year low of $48.01 and a 1-year high of $82.69. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23.

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

Insider Transactions at Dayforce

In related news, EVP William Everett Mcdonald sold 2,059 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the completion of the transaction, the executive vice president directly owned 103,684 shares in the company, valued at approximately $5,703,656.84. The trade was a 1.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Stephen H. Holdridge sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $110,020.00. Following the completion of the transaction, the chief operating officer owned 190,811 shares of the company's stock, valued at approximately $10,496,513.11. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,382 shares of company stock valued at $539,860 in the last quarter. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. lifted its holdings in shares of Dayforce by 2.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 36,904 shares of the company's stock worth $2,681,000 after buying an additional 1,018 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Dayforce in the fourth quarter worth $1,764,000. CANADA LIFE ASSURANCE Co increased its stake in Dayforce by 1.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 59,211 shares of the company's stock worth $4,297,000 after purchasing an additional 988 shares during the period. First Trust Advisors LP bought a new position in shares of Dayforce during the 4th quarter worth $12,201,000. Finally, MetLife Investment Management LLC grew its position in shares of Dayforce by 1.5% during the 4th quarter. MetLife Investment Management LLC now owns 42,314 shares of the company's stock worth $3,074,000 after buying an additional 613 shares in the last quarter.

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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