Stifel Nicolaus Issues Positive Forecast for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY) had its target price raised by Stifel Nicolaus from $82.00 to $90.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Barclays raised their target price on Dayforce from $80.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Mizuho upped their price target on shares of Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. KeyCorp increased their price objective on shares of Dayforce from $80.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Scotiabank started coverage on shares of Dayforce in a research report on Monday, November 18th. They set a “sector perform” rating and a $75.00 target price for the company. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.86.

Dayforce Stock Performance

Shares of DAY stock opened at $73.59 on Wednesday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average price of $73.99 and a 200-day moving average price of $61.32. Dayforce has a 52 week low of $47.08 and a 52 week high of $82.69. The firm has a market capitalization of $11.61 billion, a PE ratio of 223.01, a P/E/G ratio of 3.68 and a beta of 1.26.

Insider Activity

In other news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $63,370.00. Following the completion of the transaction, the chief operating officer now owns 101,437 shares in the company, valued at $6,428,062.69. This trade represents a 0.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $79.55, for a total value of $68,309,346.35. Following the completion of the sale, the chief executive officer now directly owns 794,527 shares in the company, valued at $63,204,622.85. This trade represents a 51.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 865,340 shares of company stock worth $68,770,223 over the last ninety days. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Dayforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DAY. Select Equity Group L.P. purchased a new stake in shares of Dayforce during the 2nd quarter worth approximately $721,310,000. EdgePoint Investment Group Inc. bought a new stake in Dayforce in the second quarter worth $521,396,000. Dragoneer Investment Group LLC bought a new stake in Dayforce in the second quarter worth $193,274,000. Dimensional Fund Advisors LP purchased a new stake in Dayforce during the second quarter valued at $51,027,000. Finally, Cannae Holdings Inc. bought a new position in Dayforce during the second quarter valued at $49,600,000.

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.