Dayforce (NYSE:DAY) Downgraded to Neutral Rating by Citigroup

Dayforce (NYSE:DAY) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $70.00 price objective on the stock. Citigroup’s target price points to a potential upside of 1.30% from the stock’s previous close.

A number of other research firms have also recently commented on DAY. Wells Fargo & Company raised shares of Dayforce from a “strong sell” rating to an “equal weight” rating and lifted their price target for the stock from $50.00 to $70.00 in a report on Friday, August 22nd. Jefferies Financial Group upped their price objective on shares of Dayforce from $60.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, August 21st. William Blair cut shares of Dayforce from an “outperform” rating to a “hold” rating in a research report on Wednesday, August 20th. Barclays increased their price objective on shares of Dayforce from $61.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, August 22nd. Finally, KeyCorp downgraded shares of Dayforce from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Dayforce currently has a consensus rating of “Hold” and a consensus target price of $71.43.

Dayforce Price Performance

Shares of NYSE:DAY traded up $0.70 during trading on Wednesday, hitting $69.11. 323,305 shares of the company were exchanged, compared to its average volume of 2,070,215. The company has a market capitalization of $11.04 billion, a P/E ratio of 230.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.14. Dayforce has a 1-year low of $48.01 and a 1-year high of $82.69. The business’s 50 day moving average is $61.82 and its 200-day moving average is $58.66. 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 results on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.09. The firm had revenue of $464.70 million during the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The business’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business posted $0.48 EPS. Equities analysts forecast that Dayforce will post 1.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $68.95, for a total value of $137,900.00. Following the completion of the transaction, the chief operating officer owned 186,811 shares of the company’s stock, valued at approximately $12,880,618.45. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Samer Alkharrat sold 4,659 shares of the firm’s stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $59.69, for a total value of $278,095.71. Following the transaction, the executive vice president directly owned 127,632 shares of the company’s stock, valued at $7,618,354.08. This represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,382 shares of company stock worth $677,760 in the last 90 days. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DAY. Xponance Inc. raised its holdings in Dayforce by 0.8% in the 1st quarter. Xponance Inc. now owns 22,673 shares of the company’s stock valued at $1,323,000 after acquiring an additional 179 shares in the last quarter. Covestor Ltd raised its holdings in shares of Dayforce by 15.6% during the 1st quarter. Covestor Ltd now owns 1,430 shares of the company’s stock worth $83,000 after buying an additional 193 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Dayforce by 1.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 19,984 shares of the company’s stock worth $1,103,000 after acquiring an additional 196 shares during the last quarter. HighTower Advisors LLC grew its position in Dayforce by 3.5% during the 1st quarter. HighTower Advisors LLC now owns 5,931 shares of the company’s stock worth $346,000 after acquiring an additional 203 shares during the last quarter. Finally, National Pension Service grew its position in 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 during 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.