Dayforce (NYSE:DAY) Given New $70.00 Price Target at Barclays

Dayforce (NYSE:DAY) had its price target raised by equities researchers at Barclays from $63.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential downside of 2.34% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group upped their target price on Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft upped their target price on Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. KeyCorp initiated coverage on Dayforce in a report on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 target price for the company. Piper Sandler upped their price objective on Dayforce from $71.00 to $82.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Needham & Company LLC restated a “buy” rating and set a $82.00 price objective on shares of Dayforce in a research note on Thursday. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.75.

Dayforce Price Performance

Shares of DAY traded up $1.60 during mid-day trading on Thursday, hitting $71.68. 1,564,023 shares of the stock were exchanged, compared to its average volume of 1,579,964. The company has a market cap of $11.33 billion, a PE ratio of 239.53, a price-to-earnings-growth ratio of 2.23 and a beta of 1.29. Dayforce has a 52-week low of $47.08 and a 52-week high of $74.66. The firm has a 50-day moving average of $60.43 and a two-hundred day moving average of $56.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.11 and a current ratio of 1.11.

Dayforce (NYSE:DAY) last released its 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 the consensus estimate of $417.41 million. Dayforce had a return on equity of 6.35% and a net margin of 2.89%. On average, equities analysts predict that Dayforce will post 1.07 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction on 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 directly owns 101,437 shares of the company’s stock, valued at $6,428,062.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $63,370.00. Following the transaction, the chief operating officer now owns 101,437 shares in the company, valued at $6,428,062.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,643 shares of company stock worth $169,117. 4.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

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

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.