Scotiabank Lowers Dayforce (NYSE:DAY) Price Target to $55.00

Dayforce (NYSE:DAY) had its price objective cut by investment analysts at Scotiabank from $72.00 to $55.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s target price indicates a potential downside of 3.76% from the stock’s previous close.

Several other equities analysts have also commented on DAY. TD Cowen upgraded Dayforce from a “hold” rating to a “buy” rating and upped their target price for the company from $67.00 to $68.00 in a research note on Friday, March 7th. Citigroup dropped their price target on Dayforce from $90.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Cowen upgraded Dayforce from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Piper Sandler restated an “overweight” rating and set a $83.00 price target (down from $94.00) on shares of Dayforce in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $80.00 price target (down from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Dayforce presently has an average rating of “Moderate Buy” and a consensus target price of $77.86.

Dayforce Stock Up 0.4 %

Shares of NYSE:DAY opened at $57.15 on Monday. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. Dayforce has a 52-week low of $47.08 and a 52-week high of $82.69. The stock’s fifty day simple moving average is $65.08 and its 200-day simple moving average is $67.81. The company has a market capitalization of $9.08 billion, a P/E ratio of 519.59, a P/E/G ratio of 2.49 and a beta of 1.33.

Dayforce (NYSE:DAY) last released its 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%. As a group, equities research analysts forecast that Dayforce will post 1.48 earnings per share for the current fiscal year.

Insider Activity at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $71.33, for a total value of $71,330.00. Following the completion of the transaction, the chief operating officer now owns 119,022 shares of the company’s stock, valued at approximately $8,489,839.26. This represents a 0.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 4.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of DAY. Quarry LP bought a new position in Dayforce during the 3rd quarter worth approximately $51,000. Harvest Fund Management Co. Ltd bought a new position in Dayforce during the 4th quarter worth approximately $61,000. Federated Hermes Inc. bought a new position in Dayforce during the 4th quarter worth approximately $72,000. AlphaQuest LLC lifted its holdings in Dayforce by 14,800.0% during the 4th quarter. AlphaQuest LLC now owns 1,043 shares of the company’s stock worth $76,000 after buying an additional 1,036 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in Dayforce by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock worth $89,000 after buying an additional 501 shares during the last quarter.

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.