Dayforce (NYSE:DAY) Shares Gap Down – Should You Sell?

Dayforce Inc (NYSE:DAY) gapped down before the market opened on Monday . The stock had previously closed at $61.99, but opened at $58.96. Dayforce shares last traded at $60.54, with a volume of 891,123 shares traded.

Analyst Ratings Changes

Several research firms have recently issued reports on DAY. Barclays lowered their price objective on Dayforce from $80.00 to $69.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price objective (down from $94.00) on shares of Dayforce in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $80.00 target price (down previously from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Dayforce in a research note on Thursday, February 6th. Finally, Jefferies Financial Group reduced their price objective on shares of Dayforce from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $78.64.

Dayforce Stock Performance

The firm has a 50 day moving average of $69.27 and a 200-day moving average of $67.89. The company has a market cap of $9.49 billion, a P/E ratio of 546.96, a PEG ratio of 2.49 and a beta of 1.26. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47.

Dayforce (NYSE:DAY) last posted its quarterly 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 return on equity of 6.49% and a net margin of 1.03%. As a group, sell-side analysts anticipate that Dayforce Inc will post 1.48 EPS for the current fiscal year.

Insider Buying and Selling at Dayforce

In other news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total value of $71,330.00. Following the completion of the sale, the chief operating officer now owns 119,022 shares of the company’s stock, valued at approximately $8,489,839.26. This represents a 0.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Dayforce

A number of large investors have recently bought and sold shares of DAY. Metis Global Partners LLC increased its holdings in shares of Dayforce by 3.8% in the 4th quarter. Metis Global Partners LLC now owns 5,261 shares of the company’s stock valued at $382,000 after acquiring an additional 193 shares during the period. Stifel Financial Corp grew its stake in Dayforce by 4.1% in the fourth quarter. Stifel Financial Corp now owns 5,206 shares of the company’s stock valued at $378,000 after purchasing an additional 205 shares during the last quarter. United Capital Financial Advisors LLC raised its holdings in Dayforce by 3.5% in the fourth quarter. United Capital Financial Advisors LLC now owns 6,740 shares of the company’s stock worth $490,000 after purchasing an additional 228 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Dayforce by 0.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 43,707 shares of the company’s stock valued at $3,175,000 after buying an additional 277 shares during the last quarter. Finally, Utah Retirement Systems boosted its holdings in shares of Dayforce by 1.2% in the 4th quarter. Utah Retirement Systems now owns 24,923 shares of the company’s stock valued at $1,810,000 after buying an additional 300 shares in 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.