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

Dayforce (NYSE:DAY) had its price target cut by stock analysts at Citigroup from $78.00 to $68.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 17.36% from the stock’s current price.

Several other analysts also recently issued reports on DAY. Wells Fargo & Company reduced their price target on shares of Dayforce from $70.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 22nd. TD Cowen raised 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. Barclays reduced their target price on Dayforce from $69.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $80.00 target price (down previously from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus reduced their target price on Dayforce from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $73.79.

Dayforce Stock Performance

NYSE:DAY opened at $57.94 on Tuesday. 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 fifty-two week low of $47.08 and a fifty-two week high of $82.69. The stock has a market cap of $9.17 billion, a PE ratio of 526.78, a price-to-earnings-growth ratio of 2.49 and a beta of 1.20. The firm’s fifty day simple moving average is $56.64 and its 200-day simple moving average is $66.94.

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

Insider Transactions at Dayforce

In other news, EVP William Everett Mcdonald sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total transaction of $112,320.00. Following the completion of the sale, the executive vice president now directly owns 105,691 shares in the company, valued at $5,935,606.56. This represents a 1.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Samer Alkharrat sold 1,916 shares of the company’s stock in a transaction on Friday, April 25th. The stock was sold at an average price of $56.64, for a total value of $108,522.24. Following the sale, the executive vice president now owns 150,237 shares of the company’s stock, valued at approximately $8,509,423.68. The trade was a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.50% of the company’s stock.

Institutional Trading of Dayforce

Large investors have recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd acquired a new stake in Dayforce in the 4th quarter valued at $61,000. Mather Group LLC. increased its holdings in Dayforce by 196.9% in the 1st quarter. Mather Group LLC. now owns 962 shares of the company’s stock valued at $56,000 after purchasing an additional 638 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Dayforce in the 4th quarter valued at $72,000. AlphaQuest LLC increased its holdings in Dayforce by 14,800.0% in the 4th quarter. AlphaQuest LLC now owns 1,043 shares of the company’s stock valued at $76,000 after purchasing an additional 1,036 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in 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 purchasing an additional 501 shares in 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.