Dayforce (NYSE:DAY) Cut to “Hold” at BMO Capital Markets

BMO Capital Markets cut shares of Dayforce (NYSE:DAY) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently commented on the stock. Citigroup lifted their price target on shares of Dayforce from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. TD Cowen cut shares of Dayforce from a “buy” rating to a “hold” rating in a research note on Thursday. Piper Sandler raised shares of Dayforce to a “strong-buy” rating in a research note on Tuesday, August 19th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Dayforce from $60.00 to $70.00 and gave the stock a “hold” rating in a research note on Friday. Finally, UBS Group lifted their price target on shares of Dayforce from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Dayforce currently has an average rating of “Hold” and a consensus price target of $72.14.

Dayforce Stock Performance

Shares of NYSE:DAY opened at $69.1750 on Thursday. Dayforce has a 52 week low of $48.01 and a 52 week high of $82.69. The stock has a market capitalization of $11.05 billion, a P/E ratio of 230.59, a PEG ratio of 2.60 and a beta of 1.11. The firm has a fifty day simple moving average of $57.28 and a two-hundred day simple moving average of $58.09. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23.

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

Insider Activity

In other news, COO Stephen H. Holdridge sold 2,000 shares of the business’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total value of $110,020.00. Following the completion of the sale, the chief operating officer owned 190,811 shares in the company, valued at approximately $10,496,513.11. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Samer Alkharrat sold 4,659 shares of the business’s stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $59.69, for a total transaction 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. This represents a 3.52% 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 worth $539,860. 4.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

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