Dayforce (NYSE:DAY) Stock Rating Upgraded by Piper Sandler

Dayforce (NYSE:DAY) was upgraded by research analysts at Piper Sandler to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Several other research firms have also issued reports on DAY. KeyCorp lowered their target price on shares of Dayforce from $80.00 to $65.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. BMO Capital Markets restated an “outperform” rating on shares of Dayforce in a report on Tuesday, June 10th. UBS Group boosted their price objective on shares of Dayforce from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, June 5th. Barclays boosted their price objective on shares of Dayforce from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Dayforce in a report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Dayforce currently has a consensus rating of “Moderate Buy” and an average price target of $70.93.

Dayforce Price Performance

DAY stock opened at $67.4860 on Tuesday. The firm has a 50 day moving average price of $56.84 and a 200-day moving average price of $58.18. Dayforce has a 52-week low of $48.01 and a 52-week high of $82.69. The firm has a market capitalization of $10.78 billion, a price-to-earnings ratio of 224.96, a PEG ratio of 2.46 and a beta of 1.11. 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 (NYSE:DAY) last released its earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.09. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The firm had revenue of $464.70 million during the quarter, compared to analyst estimates of $457.83 million. During the same period last year, the business earned $0.48 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. Equities research analysts forecast that Dayforce will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of Dayforce stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $59.69, for a total value of $278,095.71. Following the completion of the sale, the executive vice president owned 127,632 shares of the company’s stock, valued at approximately $7,618,354.08. The trade was a 3.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $110,020.00. Following the completion of the sale, the chief operating officer directly owned 190,811 shares of the company’s stock, valued at approximately $10,496,513.11. This trade represents a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,382 shares of company stock valued at $539,860. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Dayforce

Hedge funds have recently modified their holdings of the business. MUFG Securities EMEA plc bought a new stake in shares of Dayforce during the 2nd quarter valued at $26,000. SVB Wealth LLC bought a new stake in shares of Dayforce during the 1st quarter valued at $30,000. National Pension Service grew its position in shares of Dayforce by 74.5% during the 1st quarter. National Pension Service now owns 541 shares of the company’s stock valued at $32,000 after acquiring an additional 231 shares during the period. Assetmark Inc. grew its position in shares of Dayforce by 701.4% during the 2nd quarter. Assetmark Inc. now owns 561 shares of the company’s stock valued at $31,000 after acquiring an additional 491 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Dayforce by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 715 shares of the company’s stock worth $40,000 after buying an additional 240 shares during the period.

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.