Scotiabank Lowers Dayforce (NYSE:DAY) Price Target to $72.00

Dayforce (NYSE:DAY) had its target price decreased by analysts at Scotiabank from $75.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 10.71% from the company’s current price.

A number of other equities research analysts have also commented on DAY. Jefferies Financial Group reduced their price target on Dayforce from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $80.00 price objective (down previously from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Piper Sandler restated an “overweight” rating and issued a $83.00 price target (down from $94.00) on shares of Dayforce in a report on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Dayforce in a report on Thursday. Finally, BMO Capital Markets boosted their target price on Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Dayforce has an average rating of “Moderate Buy” and an average price target of $79.00.

Dayforce Price Performance

Dayforce stock traded down $0.97 during midday trading on Thursday, reaching $65.04. The company’s stock had a trading volume of 657,745 shares, compared to its average volume of 1,667,232. The stock has a market cap of $10.26 billion, a PE ratio of 196.49, a price-to-earnings-growth ratio of 2.59 and a beta of 1.26. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. Dayforce has a 52 week low of $47.08 and a 52 week high of $82.69. The business has a 50-day moving average price of $73.91 and a 200-day moving average price of $66.39.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 3.12% and a return on equity of 6.69%. On average, sell-side analysts predict that Dayforce will post 1.07 EPS for the current year.

Insider Activity

In related news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction on Friday, November 15th. The stock was sold at an average price of $76.26, for a total value of $76,260.00. Following the completion of the sale, the chief operating officer now owns 121,022 shares of the company’s stock, valued at $9,229,137.72. The trade was a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David D. Ossip sold 858,697 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the completion of the transaction, the chief executive officer now owns 794,527 shares in the company, valued at $63,204,622.85. This trade represents a 51.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 860,697 shares of company stock worth $68,456,936. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

Several hedge funds have recently bought and sold shares of DAY. Creative Planning purchased a new stake in Dayforce in the 2nd quarter worth $276,000. SG Americas Securities LLC purchased a new position in Dayforce in the 3rd quarter worth approximately $442,000. Handelsbanken Fonder AB grew its holdings in Dayforce by 23.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company’s stock valued at $2,315,000 after buying an additional 7,200 shares in the last quarter. Czech National Bank bought a new stake in shares of Dayforce during the third quarter valued at approximately $1,973,000. Finally, GAMMA Investing LLC purchased a new position in shares of Dayforce in the third quarter worth $118,000.

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.