Dayforce (NYSE:DAY) Lowered to "Hold" Rating by Needham & Company LLC

Key Points

• Needham & Company LLC has reaffirmed a "hold" rating on Dayforce (DAY) with a price target of $95.00, indicating a potential upside of 37.78% from the current price.
• Analysts from UBS Group and Citigroup have recently increased their target prices for Dayforce, both setting targets at $70.00 and giving it a "buy" rating.
• Dayforce reported earnings of $0.61 per share, exceeding estimates, and its revenue was up 9.8% year-over-year, totaling $464.70 million for the quarter.

Needham & Company LLC lowered shares of Dayforce (NYSE:DAY - Free Report) from a buy rating to a hold rating in a research report report published on Friday, Marketbeat Ratings reports. The firm currently has $95.00 target price on the stock.

Several other equities analysts have also commented on DAY. Piper Sandler upgraded shares of Dayforce to a "strong-buy" rating in a research report on Tuesday, August 19th. Citigroup increased their price objective on shares of Dayforce from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. TD Cowen lowered shares of Dayforce from a "buy" rating to a "hold" rating in a research report on Thursday. Wells Fargo & Company raised shares of Dayforce from a "strong sell" rating to an "equal weight" rating and increased their target price for the company from $50.00 to $70.00 in a research note on Friday. Finally, UBS Group raised their target price on shares of Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $72.14.

Dayforce Price Performance

Dayforce stock traded up $0.1750 during mid-day trading on Friday, reaching $69.1750. 5,247,516 shares of the company's stock traded hands, compared to its average volume of 3,564,479. Dayforce has a 12-month low of $48.01 and a 12-month high of $82.69. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average of $57.28 and a two-hundred day moving average of $58.04. The company has a market cap of $11.05 billion, a price-to-earnings ratio of 230.59, a PEG ratio of 2.60 and a beta of 1.11.

Dayforce (NYSE:DAY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, beating 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 business 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 earnings per share. Dayforce's quarterly revenue was up 9.8% compared to the same quarter last year. Equities analysts forecast that Dayforce will post 1.48 earnings per share for the current year.

Insider Activity at Dayforce

In other Dayforce news, EVP William Everett Mcdonald sold 2,059 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $113,265.59. Following the completion of the sale, the executive vice president directly owned 103,684 shares in the company, valued at approximately $5,703,656.84. This represents a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total value of $110,020.00. Following the completion of the sale, the chief operating officer owned 190,811 shares of the company's stock, valued at $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. Over the last quarter, insiders sold 9,382 shares of company stock worth $539,860. Company insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. State of Wyoming purchased a new position in Dayforce during the 2nd quarter valued at about $54,000. Public Sector Pension Investment Board increased its position in Dayforce by 44.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 32,928 shares of the company's stock valued at $1,824,000 after purchasing an additional 10,081 shares during the period. Tower Research Capital LLC TRC increased its position in Dayforce by 208.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,187 shares of the company's stock valued at $398,000 after purchasing an additional 4,859 shares during the period. MUFG Securities EMEA plc purchased a new position in Dayforce during the 2nd quarter valued at about $26,000. Finally, Two Sigma Securities LLC increased its position in Dayforce by 77.0% during the 2nd quarter. Two Sigma Securities LLC now owns 7,012 shares of the company's stock valued at $388,000 after purchasing an additional 3,050 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.