Dayforce (NYSE:DAY) Upgraded to Strong-Buy at Piper Sandler

Key Points

• Dayforce has been upgraded to a "strong-buy" rating by Piper Sandler, indicating increased confidence in the stock's performance.
• The average price target for Dayforce is currently $70.93, with varying ratings from other brokerages, including several "buy" and one "sell" rating.
• The company's recent earnings report showed a 9.8% increase in revenue year-over-year, with earnings per share of $0.61, surpassing expectations.

Dayforce (NYSE:DAY - Get Free Report) was upgraded by stock analysts at Piper Sandler to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on DAY. KeyCorp dropped their price objective on Dayforce from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Citigroup increased their price target on shares of Dayforce from $68.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company downgraded shares of Dayforce from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $60.00 to $50.00 in a report on Friday, June 13th. UBS Group upped their target price on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Dayforce in a research report on Tuesday, June 10th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Dayforce presently has an average rating of "Moderate Buy" and an average price target of $70.93.

Dayforce Stock Performance

Shares of NYSE:DAY traded up $1.8540 during trading on Tuesday, reaching $67.3240. The company had a trading volume of 1,106,901 shares, compared to its average volume of 1,976,252. The firm has a market capitalization of $10.75 billion, a price-to-earnings ratio of 223.84, a price-to-earnings-growth ratio of 2.50 and a beta of 1.11. 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 has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. The stock's fifty day moving average price is $56.71 and its 200 day moving average price is $58.11.

Dayforce (NYSE:DAY - Get Free Report) last announced 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. 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 the consensus estimate of $457.83 million. During the same quarter last year, the firm earned $0.48 earnings per share. The firm's revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts predict that Dayforce will post 1.48 EPS for the current year.

Insider Buying and Selling

In related news, EVP Samer Alkharrat sold 4,659 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $59.69, for a total transaction of $278,095.71. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William Everett Mcdonald sold 2,059 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president owned 103,684 shares of the company's stock, valued at $5,703,656.84. This trade represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,382 shares of company stock worth $539,860. 4.50% of the stock is owned by insiders.

Institutional Trading of Dayforce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DAY. MUFG Securities EMEA plc acquired a new stake in shares of Dayforce in the second quarter worth approximately $26,000. SVB Wealth LLC purchased a new position in shares of Dayforce in the 1st quarter worth $30,000. National Pension Service grew its position in Dayforce by 74.5% during the first quarter. National Pension Service now owns 541 shares of the company's stock valued at $32,000 after acquiring an additional 231 shares during the period. Assetmark Inc. raised its holdings in shares of Dayforce by 701.4% in the 2nd quarter. Assetmark Inc. now owns 561 shares of the company's stock worth $31,000 after purchasing an additional 491 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Dayforce by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 715 shares of the company's stock worth $40,000 after purchasing an additional 240 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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