Dayforce’s (DAY) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Dayforce (NYSE:DAY) in a research note issued to investors on Wednesday,Benzinga reports. Piper Sandler currently has a $83.00 price objective on the stock, down from their prior price objective of $94.00.

Several other analysts have also issued reports on the stock. Jefferies Financial Group raised their price target on shares of Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. KeyCorp raised their price target on shares of Dayforce from $80.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Citigroup decreased their price target on shares of Dayforce from $90.00 to $83.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. BMO Capital Markets raised their price target on shares of Dayforce from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Barclays decreased their price target on shares of Dayforce from $84.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.64.

Dayforce Stock Performance

NYSE:DAY opened at $65.02 on Wednesday. Dayforce has a 1 year low of $47.08 and a 1 year high of $82.69. The firm’s fifty day simple moving average is $73.35 and its 200 day simple moving average is $66.38. 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 firm has a market capitalization of $10.25 billion, a PE ratio of 197.02, a PEG ratio of 2.59 and a beta of 1.26.

Dayforce (NYSE:DAY) last posted its earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 3.12% and a return on equity of 6.69%. On average, sell-side analysts anticipate that Dayforce will post 1.07 EPS for the current year.

Insider Activity at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $76.26, for a total transaction of $76,260.00. Following the completion of the transaction, the chief operating officer now directly owns 121,022 shares of the company’s stock, valued at $9,229,137.72. This trade represents a 0.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David D. Ossip sold 858,697 shares of Dayforce 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 transaction, the chief executive officer now directly owns 794,527 shares of the company’s stock, valued at $63,204,622.85. This represents a 51.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 860,697 shares of company stock valued at $68,456,936 in the last ninety days. Insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Dayforce

Institutional investors have recently added to or reduced their stakes in the company. Wealthfront Advisers LLC bought a new position in shares of Dayforce in the fourth quarter worth about $12,105,000. Daiwa Securities Group Inc. raised its stake in shares of Dayforce by 5.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 29,129 shares of the company’s stock worth $2,116,000 after acquiring an additional 1,555 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Dayforce by 9.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 46,578 shares of the company’s stock worth $3,383,000 after acquiring an additional 4,057 shares during the last quarter. AlphaQuest LLC raised its stake in shares of Dayforce by 14,800.0% in the fourth quarter. AlphaQuest LLC now owns 1,043 shares of the company’s stock worth $76,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Amundi raised its stake in shares of Dayforce by 25.1% in the fourth quarter. Amundi now owns 487,630 shares of the company’s stock worth $34,197,000 after acquiring an additional 97,915 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.