Stifel Nicolaus Reiterates Hold Rating for Dayforce (NYSE:DAY)

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 reaffirmed by equities researchers at Stifel Nicolaus in a report released on Friday,Benzinga reports. They presently have a $70.00 price target on the stock, down from their prior price target of $72.00. Stifel Nicolaus' target price suggests a potential upside of 1.62% from the company's current price.

Other equities research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their price target on Dayforce from $60.00 to $70.00 and gave the company a "hold" rating in a report on Friday, August 22nd. Piper Sandler upgraded Dayforce to a "strong-buy" rating in a research report on Tuesday, August 19th. Barclays lifted their price target on Dayforce from $61.00 to $70.00 and gave the company an "equal weight" rating in a report on Friday, August 22nd. UBS Group raised their price target on Dayforce from $68.00 to $72.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Finally, Mizuho set a $70.00 target price on Dayforce in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $70.36.

Dayforce Trading Down 0.1%

Shares of NYSE:DAY traded down $0.07 during midday trading on Friday, reaching $68.89. The company had a trading volume of 148,062 shares, compared to its average volume of 2,065,483. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.04 and a current ratio of 1.04. Dayforce has a 1-year low of $48.01 and a 1-year high of $82.69. The firm has a market cap of $11.00 billion, a price-to-earnings ratio of 229.64, a price-to-earnings-growth ratio of 2.52 and a beta of 1.14. The company has a fifty day simple moving average of $62.04 and a two-hundred day simple moving average of $58.72.

Dayforce (NYSE:DAY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.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 company posted $0.48 EPS. Dayforce's revenue for the quarter was up 9.8% on a year-over-year basis. Research analysts predict that Dayforce will post 1.48 earnings per share for the current year.

Insider Activity at Dayforce

In related news, COO Stephen H. Holdridge sold 2,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $68.95, for a total value of $137,900.00. Following the completion of the sale, the chief operating officer directly owned 186,811 shares in the company, valued at $12,880,618.45. The trade was a 1.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction on Tuesday, July 15th. The shares were 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 directly owned 103,684 shares of the company's stock, valued at $5,703,656.84. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,382 shares of company stock worth $677,760 in the last ninety days. 4.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Dayforce

Hedge funds and other institutional investors have recently bought and sold shares of the company. Two Sigma Investments LP bought a new stake in shares of Dayforce during the 4th quarter valued at about $1,511,000. Two Sigma Advisers LP bought a new stake in shares of Dayforce during the 4th quarter valued at about $661,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Dayforce by 23.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,207,045 shares of the company's stock valued at $87,680,000 after purchasing an additional 226,353 shares in the last quarter. Mackenzie Financial Corp raised its stake in Dayforce by 557.6% during the 4th quarter. Mackenzie Financial Corp now owns 34,038 shares of the company's stock worth $2,468,000 after buying an additional 28,862 shares during the period. Finally, Siemens Fonds Invest GmbH acquired a new position in Dayforce during the 4th quarter worth approximately $3,669,000.

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.

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