KeyCorp Downgrades Dayforce (NYSE:DAY) to Hold

Dayforce (NYSE:DAY) was downgraded by stock analysts at KeyCorp from an “overweight” rating to a “hold” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports.

Several other equities analysts have also weighed in on DAY. BMO Capital Markets reaffirmed an “outperform” rating on shares of Dayforce in a report on Tuesday, June 10th. Needham & Company LLC lowered shares of Dayforce from a “buy” rating to a “hold” rating and set a $95.00 target price for the company. in a report on Friday. Barclays lifted their target price on shares of Dayforce from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Thursday, August 7th. TD Cowen lowered shares of Dayforce from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Wells Fargo & Company raised shares of Dayforce from a “strong sell” rating to an “equal weight” rating and lifted their target price for the company from $50.00 to $70.00 in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $72.14.

Dayforce Stock Performance

DAY opened at $69.1750 on Friday. Dayforce has a 12-month low of $48.01 and a 12-month high of $82.69. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $11.05 billion, a PE ratio of 230.59, a P/E/G ratio of 2.60 and a beta of 1.11. The firm has a 50 day moving average of $57.28 and a two-hundred day moving average of $58.09.

Dayforce (NYSE:DAY) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. Dayforce’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. On average, analysts anticipate that Dayforce will post 1.48 EPS for the current year.

Insider Buying and Selling

In related news, EVP William Everett Mcdonald sold 2,059 shares of the business’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total value of $113,265.59. Following the completion of the sale, the executive vice president owned 103,684 shares of the company’s stock, valued at approximately $5,703,656.84. The trade was a 1.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of the business’s stock in a transaction 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. The trade was 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. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in Dayforce by 53.0% during the 1st quarter. Principal Financial Group Inc. now owns 273,055 shares of the company’s stock worth $15,927,000 after purchasing an additional 94,635 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Dayforce during the 1st quarter worth $1,282,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Dayforce by 13.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,585 shares of the company’s stock worth $1,259,000 after purchasing an additional 2,557 shares during the last quarter. Amalgamated Bank boosted its stake in Dayforce by 2.2% during the 1st quarter. Amalgamated Bank now owns 30,966 shares of the company’s stock worth $1,806,000 after purchasing an additional 661 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in Dayforce by 7.1% during the 1st quarter. Fifth Third Bancorp now owns 9,802 shares of the company’s stock worth $572,000 after purchasing an additional 648 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.