Scotiabank Has Lowered Expectations for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY) had its target price lowered by equities researchers at Scotiabank from $72.00 to $55.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective indicates a potential downside of 2.99% from the company’s current price.

Several other equities research analysts have also recently issued reports on DAY. Barclays cut their price objective on shares of Dayforce from $80.00 to $69.00 and set an “equal weight” rating for the company in a research report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Dayforce in a research report on Thursday, February 6th. Citigroup decreased their price target on Dayforce from $90.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Stifel Nicolaus cut their price objective on Dayforce from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Finally, Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.86.

Dayforce Price Performance

DAY stock traded up $1.30 during mid-day trading on Monday, reaching $56.69. The company’s stock had a trading volume of 454,090 shares, compared to its average volume of 1,873,315. The company has a current ratio of 1.13, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The company’s 50 day moving average is $65.69 and its two-hundred day moving average is $67.82. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $82.69. The stock has a market cap of $9.01 billion, a PE ratio of 515.32, a P/E/G ratio of 2.49 and a beta of 1.33.

Dayforce (NYSE:DAY) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. Equities research analysts expect that Dayforce will post 1.48 EPS for the current year.

Insider Transactions at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total value of $71,330.00. Following the sale, the chief operating officer now owns 119,022 shares of the company’s stock, valued at $8,489,839.26. This trade represents a 0.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Dayforce

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new stake in Dayforce during the third quarter worth approximately $11,135,000. KBC Group NV acquired a new stake in Dayforce during the third quarter worth approximately $946,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Dayforce during the 3rd quarter worth approximately $19,273,000. Smartleaf Asset Management LLC boosted its holdings in shares of Dayforce by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock valued at $89,000 after buying an additional 501 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of Dayforce in the 3rd quarter valued at $1,434,000.

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.