Dayforce (NYSE:DAY) Coverage Initiated by Analysts at Scotiabank

Scotiabank started coverage on shares of Dayforce (NYSE:DAY) in a research report report published on Monday morning,Benzinga reports. The firm issued a sector perform rating and a $75.00 price objective on the stock.

A number of other analysts have also recently issued reports on the company. BMO Capital Markets upped 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. Deutsche Bank Aktiengesellschaft increased their price objective on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Mizuho increased their price target on shares of Dayforce from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Citigroup lifted their price objective on shares of Dayforce from $75.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC increased their target price on shares of Dayforce from $82.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Dayforce currently has an average rating of “Moderate Buy” and an average target price of $78.77.

Dayforce Price Performance

Shares of DAY opened at $74.70 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. Dayforce has a 1-year low of $47.08 and a 1-year high of $81.32. The stock has a market cap of $11.78 billion, a PE ratio of 226.36, a price-to-earnings-growth ratio of 3.50 and a beta of 1.27. The firm has a fifty day moving average price of $65.44 and a 200 day moving average price of $58.15.

Insider Activity

In related news, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $65.00, for a total value of $65,000.00. Following the sale, the chief operating officer now directly owns 100,437 shares of the company’s stock, valued at approximately $6,528,405. This represents a 0.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Scott Jacobs sold 643 shares of the firm’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 transaction, the insider now owns 34,074 shares of the company’s stock, valued at $2,159,269.38. This trade represents a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,643 shares of company stock worth $384,617 in the last 90 days. 4.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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