Dayforce (NYSE:DAY) Price Target Lowered to $70.00 at Piper Sandler

Dayforce (NYSE:DAY - Get Free Report) had its price objective reduced by equities researchers at Piper Sandler from $83.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price target points to a potential upside of 17.85% from the company's current price.

A number of other equities research analysts also recently weighed in on DAY. KeyCorp lowered their price target on Dayforce from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group lowered their price target on Dayforce from $80.00 to $75.00 and set a "hold" rating for the company in a report on Thursday, February 6th. Mizuho lowered their price objective on Dayforce from $95.00 to $80.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Barclays decreased their price target on Dayforce from $69.00 to $61.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $80.00 target price (down previously from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $71.29.

Dayforce Stock Down 0.3%

DAY stock traded down $0.20 during midday trading on Wednesday, hitting $59.40. 534,888 shares of the company's stock were exchanged, compared to its average volume of 1,947,596. Dayforce has a 12-month low of $47.08 and a 12-month high of $82.69. The company has a current ratio of 1.13, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $9.40 billion, a price-to-earnings ratio of 540.05, a price-to-earnings-growth ratio of 2.49 and a beta of 1.17. The firm has a 50 day moving average price of $56.16 and a 200-day moving average price of $66.61.

Insider Activity

In related news, EVP William Everett Mcdonald sold 2,000 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total transaction of $112,320.00. Following the sale, the executive vice president now owns 105,691 shares in the company, valued at approximately $5,935,606.56. This represents a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Samer Alkharrat sold 1,916 shares of the company's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $56.64, for a total value of $108,522.24. Following the completion of the sale, the executive vice president now owns 150,237 shares in the company, valued at $8,509,423.68. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders own 4.50% of the company's stock.

Hedge Funds Weigh In On Dayforce

Institutional investors and hedge funds have recently made changes to their positions in the company. Ethic Inc. lifted its stake in shares of Dayforce by 22.8% in the 1st quarter. Ethic Inc. now owns 10,101 shares of the company's stock valued at $589,000 after acquiring an additional 1,878 shares during the last quarter. Aberdeen Group plc boosted its stake in Dayforce by 2.2% during the 1st quarter. Aberdeen Group plc now owns 11,626 shares of the company's stock valued at $674,000 after purchasing an additional 245 shares during the last quarter. National Pension Service lifted its position in shares of Dayforce by 74.5% during the 1st quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after buying an additional 231 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Dayforce by 33.3% during the 1st quarter. Russell Investments Group Ltd. now owns 43,155 shares of the company's stock worth $2,517,000 after buying an additional 10,791 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. raised its holdings in shares of Dayforce by 7.4% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 49,610 shares of the company's stock worth $2,894,000 after purchasing an additional 3,405 shares during the period.

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.