Dayforce (NYSE:DAY) Receives "Hold" Rating from Stifel Nicolaus

Key Points

• Stifel Nicolaus has reaffirmed a hold rating for Dayforce (NYSE:DAY) with a price target of $70.00, a decrease from the previous target of $72.00, indicating a potential upside of 1.62% from the current price.
• Dayforce reported a quarterly earnings per share of $0.61, surpassing analyst expectations and achieving a revenue of $464.70 million, marking a year-over-year increase of 9.8%.
• Insider trading activity reveals that executives have sold shares, with COO Stephen H. Holdridge selling 2,000 shares for approximately $137,900, indicating a decrease in their ownership positions.

Dayforce (NYSE:DAY - Get Free Report)'s stock had its "hold" rating reissued by research analysts at Stifel Nicolaus in a research note issued on Friday, MarketBeat.com reports. They currently have a $70.00 price target on the stock, down from their previous price target of $72.00. Stifel Nicolaus' price objective indicates a potential upside of 1.73% from the stock's current price.

DAY has been the topic of several other reports. William Blair cut shares of Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Friday, August 22nd. TD Cowen cut shares of Dayforce from a "buy" rating to a "hold" rating in a report on Thursday, August 21st. KeyCorp cut shares of Dayforce from an "overweight" rating to a "sector weight" rating in a report on Friday, August 22nd. Finally, Wells Fargo & Company upgraded Dayforce from a "strong sell" rating to an "equal weight" rating and increased their price objective for the company from $50.00 to $70.00 in a research report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat, Dayforce has a consensus rating of "Hold" and a consensus target price of $70.36.

Dayforce Price Performance

Shares of NYSE DAY traded up $0.06 during mid-day trading on Friday, reaching $68.81. 4,328,497 shares of the company traded hands, compared to its average volume of 2,124,678. Dayforce has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. 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 firm has a market cap of $10.99 billion, a PE ratio of 229.29, a price-to-earnings-growth ratio of 2.54 and a beta of 1.14. The stock has a fifty day simple moving average of $62.59 and a 200-day simple moving average of $58.94.

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

Insider Transactions at Dayforce

In other news, COO Stephen H. Holdridge sold 2,000 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $68.95, for a total transaction of $137,900.00. Following the completion of the sale, the chief operating officer directly owned 186,811 shares of the company's stock, valued at $12,880,618.45. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 103,684 shares in the company, valued at $5,703,656.84. This represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,382 shares of company stock valued at $677,760 in the last three months. Corporate insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Dayforce

Institutional investors and hedge funds have recently modified their holdings of the business. MUFG Securities EMEA plc acquired a new stake in shares of Dayforce in the 2nd quarter valued at $26,000. SVB Wealth LLC bought a new position in Dayforce during the first quarter valued at about $30,000. National Pension Service raised its holdings 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 buying an additional 231 shares in the last quarter. Assetmark Inc. raised its holdings in Dayforce by 701.4% during the second quarter. Assetmark Inc. now owns 561 shares of the company's stock valued at $31,000 after buying an additional 491 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Dayforce by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 715 shares of the company's stock valued at $40,000 after acquiring an additional 240 shares during 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.