Dayforce (NYSE:DAY) Given “Overweight” Rating at Piper Sandler

Dayforce (NYSE:DAY)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They presently have a $94.00 price objective on the stock, up from their prior price objective of $82.00. Piper Sandler’s price target suggests a potential upside of 24.44% from the company’s previous close.

Other research analysts have also issued reports about the company. TD Cowen raised their price objective on Dayforce from $58.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, October 7th. Citigroup raised their price objective on Dayforce from $75.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Needham & Company LLC raised their price objective on Dayforce from $82.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday. BMO Capital Markets raised their price objective on Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Dayforce has an average rating of “Moderate Buy” and an average price target of $79.08.

Dayforce Trading Down 1.6 %

Shares of DAY traded down $1.20 during trading hours on Wednesday, hitting $75.54. The stock had a trading volume of 174,633 shares, compared to its average volume of 1,605,054. The company’s fifty day simple moving average is $64.59 and its 200 day simple moving average is $57.96. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.15. Dayforce has a 12-month low of $47.08 and a 12-month high of $81.32. The firm has a market cap of $11.91 billion, a P/E ratio of 232.61, a P/E/G ratio of 3.62 and a beta of 1.27.

Insider Buying and Selling

In related news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $77.00, for a total value of $77,000.00. Following the completion of the transaction, the chief operating officer now directly owns 122,022 shares in the company, valued at approximately $9,395,694. This trade represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey Scott Jacobs sold 643 shares of Dayforce stock in a transaction dated 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 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. Over the last three months, insiders sold 5,643 shares of company stock worth $384,617. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Dayforce

A number of hedge funds have recently bought and sold shares of the company. Select Equity Group L.P. bought a new position in Dayforce in the second quarter worth about $721,310,000. EdgePoint Investment Group Inc. bought a new position in Dayforce in the second quarter worth about $521,396,000. Dragoneer Investment Group LLC bought a new position in Dayforce in the second quarter worth about $193,274,000. Dimensional Fund Advisors LP bought a new position in Dayforce in the second quarter worth about $51,027,000. Finally, Cannae Holdings Inc. bought a new position in Dayforce in the second quarter worth about $49,600,000.

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.