Dayforce (NYSE:DAY) Sees Strong Trading Volume – Should You Buy?

Dayforce Inc (NYSE:DAY) shares saw an uptick in trading volume on Tuesday . 1,954,960 shares were traded during trading, an increase of 22% from the previous session’s volume of 1,605,454 shares.The stock last traded at $81.10 and had previously closed at $81.80.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DAY. Mizuho raised their price objective on shares of Dayforce from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. BMO Capital Markets increased their price target on shares of Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Barclays increased their price target on shares of Dayforce from $70.00 to $80.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Scotiabank started coverage on shares of Dayforce in a research note on Monday, November 18th. They set a “sector perform” rating and a $75.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $78.77.

Dayforce Trading Down 2.7 %

The stock has a market capitalization of $12.55 billion, a P/E ratio of 247.98, a PEG ratio of 3.75 and a beta of 1.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. The business’s 50 day simple moving average is $67.75 and its 200-day simple moving average is $58.96.

Insider Buying and Selling at Dayforce

In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of Dayforce stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $40,746.91. Following the sale, the insider now directly owns 34,074 shares in the company, valued at approximately $2,159,269.38. The trade was a 1.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce 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 owns 101,437 shares in the company, valued at $6,428,062.69. The trade was a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,643 shares of company stock valued at $460,877. 4.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Dayforce

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

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.