What is Scotiabank’s Forecast for Dayforce FY2024 Earnings?

Dayforce Inc (NYSE:DAY) – Analysts at Scotiabank issued their FY2024 earnings per share estimates for Dayforce in a research report issued on Wednesday, January 8th. Scotiabank analyst A. Verkhovski expects that the company will earn $1.06 per share for the year. Scotiabank has a “Sector Perform” rating and a $75.00 price objective on the stock. The consensus estimate for Dayforce’s current full-year earnings is $1.07 per share. Scotiabank also issued estimates for Dayforce’s FY2025 earnings at $1.50 EPS.

A number of other brokerages have also issued reports on DAY. Piper Sandler reiterated an “overweight” rating and set a $94.00 price target (up from $82.00) on shares of Dayforce in a research note on Wednesday, November 13th. Citigroup increased their target price on shares of Dayforce from $75.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus boosted their price target on shares of Dayforce from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. KeyCorp increased their price objective on Dayforce from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Mizuho boosted their target price on Dayforce from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.93.

Dayforce Price Performance

DAY stock opened at $70.55 on Monday. The business’s fifty day moving average price is $76.30 and its 200 day moving average price is $64.23. Dayforce has a 12-month low of $47.08 and a 12-month high of $82.69. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $11.13 billion, a PE ratio of 213.79, a P/E/G ratio of 3.68 and a beta of 1.26.

Hedge Funds Weigh In On Dayforce

Several hedge funds have recently added to or reduced their stakes in DAY. Select Equity Group L.P. purchased a new position in Dayforce during the second quarter worth $721,310,000. EdgePoint Investment Group Inc. lifted its stake in shares of Dayforce by 1.1% during the third quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock valued at $650,726,000 after buying an additional 112,086 shares during the period. Janus Henderson Group PLC boosted its position in Dayforce by 1.9% during the third quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock worth $347,236,000 after acquiring an additional 103,794 shares during the last quarter. Dragoneer Investment Group LLC acquired a new position in Dayforce in the 2nd quarter valued at $193,274,000. Finally, Geode Capital Management LLC lifted its stake in shares of Dayforce by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock worth $230,875,000 after purchasing an additional 30,302 shares during the period.

Insider Buying and Selling

In related news, CEO David D. Ossip sold 858,697 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the sale, the chief executive officer now owns 794,527 shares of the company’s stock, valued at approximately $63,204,622.85. The trade was a 51.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $65.00, for a total value of $65,000.00. Following the sale, the chief operating officer now directly owns 100,437 shares in the company, valued at $6,528,405. This trade represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 863,697 shares of company stock valued at $68,666,106 over the last ninety days. Corporate insiders own 4.90% of the company’s stock.

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.