Dayforce (NYSE:DAY) Given New $70.00 Price Target at Jefferies Financial Group

Dayforce (NYSE:DAY) had its target price raised by Jefferies Financial Group from $60.00 to $70.00 in a report issued on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

A number of other equities analysts also recently issued reports on the stock. BMO Capital Markets reissued an “outperform” rating on shares of Dayforce in a report on Tuesday, June 10th. Wells Fargo & Company downgraded shares of Dayforce from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $60.00 to $50.00 in a report on Friday, June 13th. William Blair downgraded shares of Dayforce from an “outperform” rating to a “hold” rating in a report on Wednesday. TD Cowen downgraded shares of Dayforce from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Dayforce in a report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Dayforce has a consensus rating of “Moderate Buy” and an average target price of $70.57.

Dayforce Stock Performance

Shares of NYSE DAY opened at $68.9510 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The company has a market cap of $11.01 billion, a PE ratio of 229.84, a PEG ratio of 2.53 and a beta of 1.11. The firm’s 50-day moving average price is $57.03 and its 200-day moving average price is $58.16. Dayforce has a 52-week low of $48.01 and a 52-week high of $82.69.

Dayforce (NYSE:DAY) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.09. The company had revenue of $464.70 million for the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. As a group, analysts anticipate that Dayforce will post 1.48 EPS for the current year.

Insider Buying and Selling at Dayforce

In other 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 transaction of $278,095.71. Following the sale, the executive vice president owned 127,632 shares in the company, valued at $7,618,354.08. This trade represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total transaction of $113,265.59. Following the sale, the executive vice president owned 103,684 shares in the company, valued at approximately $5,703,656.84. The trade was a 1.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,382 shares of company stock valued at $539,860 over the last 90 days. 4.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

Several institutional investors and hedge funds have recently modified their holdings of DAY. EdgePoint Investment Group Inc. raised its position in shares of Dayforce by 55.0% during the first quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company’s stock valued at $808,484,000 after buying an additional 4,918,825 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Dayforce by 9.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company’s stock valued at $969,470,000 after buying an additional 1,387,943 shares during the last quarter. Invesco Ltd. raised its position in shares of Dayforce by 36.0% during the first quarter. Invesco Ltd. now owns 3,583,632 shares of the company’s stock valued at $209,033,000 after buying an additional 948,436 shares during the last quarter. Nuveen LLC bought a new stake in shares of Dayforce during the first quarter valued at approximately $28,416,000. Finally, Vanguard Group Inc. raised its position in shares of Dayforce by 1.7% during the second quarter. Vanguard Group Inc. now owns 17,648,163 shares of the company’s stock valued at $977,532,000 after buying an additional 296,198 shares during 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.