Dayforce (NYSE:DAY) Rating Lowered to "Hold" at KeyCorp

Key Points

• KeyCorp has reaffirmed a "sector weight" rating for Dayforce (NYSE: DAY), while other analysts have varied in their recommendations, with ratings ranging from "buy" to "hold."
• Dayforce's stock price recently increased by 2.3%, and the company has a market cap of $11.01 billion with a P/E ratio of 229.84.
• The company reported quarterly earnings of $0.61 per share, outperforming analyst expectations and demonstrating a year-over-year revenue growth of 9.8%.

Dayforce (NYSE:DAY - Get Free Report) was downgraded by equities research analysts at KeyCorp from an "overweight" rating to a "hold" rating in a research report issued to clients and investors on Friday, MarketBeat reports.

Several other equities research analysts also recently weighed in on the company. Needham & Company LLC downgraded Dayforce from a "buy" rating to a "hold" rating and set a $95.00 price target for the company. in a report on Friday. UBS Group increased their price target on Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. TD Cowen downgraded Dayforce from a "buy" rating to a "hold" rating in a report on Thursday. William Blair downgraded Dayforce from an "outperform" rating to a "hold" rating in a report on Wednesday. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Dayforce in a report on Tuesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $72.14.

Dayforce Stock Performance

Shares of DAY traded up $0.1750 during mid-day trading on Friday, reaching $69.1750. 5,247,516 shares of the company's stock were exchanged, compared to its average volume of 3,564,479. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $11.05 billion, a PE ratio of 230.59, a price-to-earnings-growth ratio of 2.60 and a beta of 1.11. The business's fifty day simple moving average is $57.28 and its 200-day simple moving average is $58.04. Dayforce has a 52-week low of $48.01 and a 52-week high of $82.69.

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

Insiders Place Their Bets

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of the business's stock in a transaction 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 directly owned 127,632 shares in the company, valued at approximately $7,618,354.08. The trade was a 3.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William Everett Mcdonald sold 2,059 shares of the business's stock in a transaction 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 sale, the executive vice president owned 103,684 shares in the company, valued at $5,703,656.84. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,382 shares of company stock worth $539,860. Corporate insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in DAY. EdgePoint Investment Group Inc. raised its stake in shares of Dayforce by 55.0% during the 1st quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company's stock worth $808,484,000 after buying an additional 4,918,825 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Dayforce by 9.1% during 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 buying an additional 1,387,943 shares during the last quarter. Invesco Ltd. raised its stake in shares of Dayforce by 36.0% during the 1st quarter. Invesco Ltd. now owns 3,583,632 shares of the company's stock worth $209,033,000 after buying an additional 948,436 shares during the last quarter. Nuveen LLC acquired a new position in shares of Dayforce during the 1st quarter worth $28,416,000. Finally, Vanguard Group Inc. raised its stake in shares of Dayforce by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 17,648,163 shares of the company's stock worth $977,532,000 after buying an additional 296,198 shares during 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.