Dayforce (NYSE:DAY) Hits New 52-Week High Following Analyst Upgrade

Dayforce Inc (NYSE:DAY) shares reached a new 52-week high during mid-day trading on Friday after BMO Capital Markets raised their price target on the stock from $70.00 to $80.00. BMO Capital Markets currently has an outperform rating on the stock. Dayforce traded as high as $74.76 and last traded at $74.51, with a volume of 847320 shares trading hands. The stock had previously closed at $70.95.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group boosted their price target on Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Barclays raised their price target on shares of Dayforce from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday. Mizuho boosted their price objective on shares of Dayforce from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $82.00 target price on shares of Dayforce in a report on Thursday. Finally, KeyCorp assumed coverage on Dayforce in a research note on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 target price for the company. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.67.

Insider Transactions at Dayforce

In related news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $69.25, for a total transaction of $138,500.00. Following the sale, the chief operating officer now directly owns 98,437 shares in the company, valued at $6,816,762.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total transaction of $138,500.00. Following the transaction, the chief operating officer now directly owns 98,437 shares of the company’s stock, valued at $6,816,762.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $40,746.91. Following the completion of the sale, the insider now directly owns 34,074 shares of the company’s stock, valued at $2,159,269.38. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,643 shares of company stock valued at $307,617. 4.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Financial Perspectives Inc bought a new stake in shares of Dayforce during the 2nd quarter worth $28,000. Quent Capital LLC purchased a new stake in shares of Dayforce during the third quarter valued at $28,000. Sentry Investment Management LLC acquired a new position in shares of Dayforce in the 2nd quarter valued at $33,000. Farther Finance Advisors LLC purchased a new position in Dayforce in the 3rd quarter worth about $40,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Dayforce during the 2nd quarter worth about $62,000.

Dayforce Stock Up 6.0 %

The business’s 50 day simple moving average is $61.11 and its 200 day simple moving average is $56.91. The company has a market capitalization of $11.89 billion, a PE ratio of 227.98, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 0.47.

Dayforce (NYSE:DAY) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.05. The firm had revenue of $423.30 million for the quarter, compared to analyst estimates of $417.41 million. Dayforce had a return on equity of 6.69% and a net margin of 3.12%. As a group, analysts forecast that Dayforce Inc will post 1.07 EPS for the current year.

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.