Dayforce’s (DAY) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Dayforce (NYSE:DAY) in a report issued on Thursday morning,Benzinga reports.

DAY has been the subject of a number of other research reports. KeyCorp cut Dayforce from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 22nd. Wells Fargo & Company upgraded Dayforce from a “strong sell” rating to an “equal weight” rating and upped their price objective for the company from $50.00 to $70.00 in a research report on Friday, August 22nd. Stifel Nicolaus reiterated a “hold” rating and set a $70.00 price objective (down previously from $72.00) on shares of Dayforce in a research report on Friday, September 19th. BMO Capital Markets reiterated a “market perform” rating and set a $70.00 price objective (up previously from $67.00) on shares of Dayforce in a research report on Friday, August 22nd. Finally, Jefferies Financial Group upped their price objective on Dayforce from $60.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $70.36.

Dayforce Trading Up 0.4%

Shares of NYSE:DAY opened at $68.74 on Thursday. The company has a market cap of $11.00 billion, a P/E ratio of -73.12, a PEG ratio of 2.53 and a beta of 1.17. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. Dayforce has a 1 year low of $48.01 and a 1 year high of $82.69. The stock’s fifty day moving average price is $68.87 and its 200-day moving average price is $61.50.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.19). The business had revenue of $481.60 million for the quarter, compared to the consensus estimate of $481.22 million. Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. Sell-side analysts expect that Dayforce will post 1.48 earnings per share for the current year.

Insider Buying and Selling

In other Dayforce news, COO Stephen H. Holdridge sold 2,000 shares of the company’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $68.25, for a total value of $136,500.00. Following the completion of the sale, the chief operating officer owned 184,811 shares in the company, valued at $12,613,350.75. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Price T. Rowe Associates Inc /M sold 2,977 shares of the company’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $68.50, for a total value of $203,924.50. Following the completion of the sale, the insider owned 24,789,870 shares of the company’s stock, valued at approximately $1,698,106,095. The trade was a 0.01% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 24,474 shares of company stock worth $1,676,470. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Dayforce

A number of hedge funds and other institutional investors have recently bought and sold shares of DAY. EdgePoint Investment Group Inc. grew 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 worth $808,484,000 after purchasing an additional 4,918,825 shares in the last quarter. Price T Rowe Associates Inc. MD grew 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 worth $969,470,000 after purchasing an additional 1,387,943 shares in the last quarter. Invesco Ltd. grew 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 worth $209,033,000 after purchasing an additional 948,436 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Dayforce by 1,055.0% during the third quarter. Assenagon Asset Management S.A. now owns 567,796 shares of the company’s stock worth $39,115,000 after purchasing an additional 518,636 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Dayforce during the first quarter worth about $28,416,000.

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.