Piper Sandler Forecasts Strong Price Appreciation for Dayforce (NYSE:DAY) Stock

Dayforce (NYSE:DAY) had its price target lifted by equities research analysts at Piper Sandler from $71.00 to $82.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 16.99% from the stock’s current price.

DAY has been the topic of a number of other reports. TD Cowen boosted their price target on Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, October 7th. Needham & Company LLC restated a “buy” rating and issued a $82.00 price objective on shares of Dayforce in a report on Thursday. KeyCorp assumed coverage on shares of Dayforce in a report on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 price objective for the company. Mizuho boosted their price objective on shares of Dayforce from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Citigroup boosted their price objective on shares of Dayforce from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $70.67.

Dayforce Stock Performance

Shares of DAY opened at $70.09 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average price is $60.43 and its 200-day moving average price is $56.70. Dayforce has a 52 week low of $47.08 and a 52 week high of $74.66. The stock has a market cap of $11.08 billion, a P/E ratio of 233.63, a P/E/G ratio of 2.23 and a beta of 1.29.

Dayforce (NYSE:DAY) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Dayforce had a return on equity of 6.35% and a net margin of 2.89%. The firm had revenue of $423.30 million for the quarter, compared to analysts’ expectations of $417.41 million. Equities research analysts anticipate that Dayforce will post 1.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Dayforce

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $63,370.00. Following the completion of the sale, the chief operating officer now directly owns 101,437 shares in the company, valued at approximately $6,428,062.69. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Stephen H. Holdridge sold 1,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 101,437 shares in the company, valued at $6,428,062.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $40,746.91. Following the completion of the sale, the insider now owns 34,074 shares of the company’s stock, valued at $2,159,269.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,643 shares of company stock worth $169,117. Insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Dayforce

Several hedge funds and other institutional investors have recently modified their holdings of DAY. Candriam S.C.A. purchased a new stake in shares of Dayforce in the 2nd quarter worth $6,027,000. New Mexico Educational Retirement Board bought a new position in Dayforce in the 2nd quarter worth $392,000. Acadian Asset Management LLC bought a new position in Dayforce in the 2nd quarter worth $287,000. Prudential PLC bought a new position in Dayforce in the 2nd quarter worth $490,000. Finally, Texas Permanent School Fund Corp bought a new position in Dayforce in the 2nd quarter worth $1,281,000.

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.