Dayforce (NYSE:DAY) Price Target Raised to $70.00

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 boosted by analysts at Barclays from $61.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's target price would indicate a potential upside of 0.55% from the company's current price.

Several other equities analysts have also commented on DAY. Citigroup boosted their price target on Dayforce from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. KeyCorp downgraded shares of Dayforce from an "overweight" rating to a "sector weight" rating in a research note on Friday, August 22nd. TD Cowen downgraded shares of Dayforce from a "buy" rating to a "hold" rating in a research note on Thursday, August 21st. William Blair lowered shares of Dayforce from an "outperform" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Dayforce in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, Dayforce currently has an average rating of "Hold" and an average price target of $71.43.

Dayforce Price Performance

Shares of NYSE DAY traded up $0.05 on Friday, hitting $69.62. The company's stock had a trading volume of 489,495 shares, compared to its average volume of 2,084,960. The stock has a 50 day moving average of $57.75 and a 200-day moving average of $58.15. The company has a market capitalization of $11.12 billion, a price-to-earnings ratio of 231.97, a price-to-earnings-growth ratio of 2.61 and a beta of 1.11. Dayforce has a 12-month low of $48.01 and a 12-month 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.

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

Insiders Place Their Bets

In related news, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the transaction, the executive vice president directly owned 103,684 shares of the company's stock, valued at $5,703,656.84. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Samer Alkharrat sold 4,659 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $59.69, for a total transaction of $278,095.71. Following the completion of the sale, the executive vice president owned 127,632 shares in the company, valued at approximately $7,618,354.08. This trade represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have 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

A number of institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in Dayforce by 53.0% in the 1st quarter. Principal Financial Group Inc. now owns 273,055 shares of the company's stock valued at $15,927,000 after buying an additional 94,635 shares during the period. Teacher Retirement System of Texas bought a new position in Dayforce in the 1st quarter worth approximately $1,282,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Dayforce by 13.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,585 shares of the company's stock valued at $1,259,000 after purchasing an additional 2,557 shares during the period. Amalgamated Bank grew its holdings in shares of Dayforce by 2.2% during the 1st quarter. Amalgamated Bank now owns 30,966 shares of the company's stock worth $1,806,000 after purchasing an additional 661 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in Dayforce by 7.1% in the first quarter. Fifth Third Bancorp now owns 9,802 shares of the company's stock worth $572,000 after purchasing an additional 648 shares in 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.