Dayforce (NYSE:DAY) Given New $70.00 Price Target at Piper Sandler

Dayforce (NYSE:DAY - Get Free Report) had its target price reduced by investment analysts at Piper Sandler from $83.00 to $70.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target would suggest a potential upside of 23.33% from the company's current price.

Other analysts have also issued reports about the stock. Citigroup lowered their target price on shares of Dayforce from $78.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $80.00 price target (down from $85.00) on shares of Dayforce in a report on Wednesday, January 8th. Cowen raised Dayforce from a "hold" rating to a "buy" rating in a research report on Friday, March 7th. Scotiabank reduced their target price on shares of Dayforce from $72.00 to $55.00 and set a "sector perform" rating for the company in a report on Monday, March 17th. Finally, BMO Capital Markets lifted their price objective on shares of Dayforce from $64.00 to $67.00 and gave the stock an "outperform" rating in a research report on Thursday. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Dayforce presently has an average rating of "Moderate Buy" and a consensus target price of $71.29.

Dayforce Trading Down 2.7 %

DAY stock traded down $1.57 during midday trading on Wednesday, reaching $56.76. 2,943,663 shares of the company traded hands, compared to its average volume of 1,764,304. The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of 516.05, a P/E/G ratio of 2.49 and a beta of 1.17. Dayforce has a 52-week low of $47.08 and a 52-week high of $82.69. The business has a 50 day moving average of $56.11 and a 200-day moving average of $66.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.13.

Dayforce (NYSE:DAY - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. As a group, sell-side analysts expect that Dayforce will post 1.48 earnings per share for the current fiscal year.

Insider Transactions at Dayforce

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

Hedge Funds Weigh In On Dayforce

A number of institutional investors have recently bought and sold shares of DAY. Mather Group LLC. boosted its position in shares of Dayforce by 196.9% during the 1st quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after purchasing an additional 638 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Dayforce during the 4th quarter worth $61,000. Federated Hermes Inc. acquired a new stake in Dayforce in the 4th quarter valued at about $72,000. AlphaQuest LLC increased its stake in shares of Dayforce by 14,800.0% during the fourth quarter. AlphaQuest LLC now owns 1,043 shares of the company's stock worth $76,000 after buying an additional 1,036 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in Dayforce by 69.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company's stock worth $89,000 after acquiring an additional 501 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.