Dayforce Inc (NYSE:DAY) Short Interest Update

Dayforce Inc (NYSE:DAY) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 14,680,000 shares, a decline of 6.5% from the October 15th total of 15,700,000 shares. Based on an average trading volume of 1,420,000 shares, the days-to-cover ratio is currently 10.3 days. Currently, 9.7% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DAY shares. TD Cowen raised their price target on shares of Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, October 7th. Jefferies Financial Group lifted their price objective on Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Scotiabank initiated coverage on Dayforce in a research note on Monday. They issued a “sector perform” rating and a $75.00 price target for the company. Barclays raised their target price on shares of Dayforce from $70.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Finally, KeyCorp increased their target price on Dayforce from $80.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Dayforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.77.

Dayforce Stock Performance

DAY stock opened at $74.70 on Tuesday. Dayforce has a 12-month low of $47.08 and a 12-month high of $81.32. The stock’s 50 day simple moving average is $65.44 and its 200 day simple moving average is $58.15. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $11.78 billion, a PE ratio of 226.37, a price-to-earnings-growth ratio of 3.50 and a beta of 1.27.

Insider Transactions at Dayforce

In related news, insider Jeffrey Scott Jacobs sold 643 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $40,746.91. Following the transaction, the insider now directly owns 34,074 shares in the company, valued at $2,159,269.38. This trade represents a 1.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total value of $138,500.00. Following the completion of the transaction, the chief operating officer now directly owns 98,437 shares in the company, valued at $6,816,762.25. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,643 shares of company stock worth $384,617. 4.90% of the stock is currently owned by insiders.

Institutional Trading of Dayforce

Several large investors have recently modified their holdings of DAY. Select Equity Group L.P. bought a new stake in Dayforce during the second quarter valued at approximately $721,310,000. EdgePoint Investment Group Inc. raised its position in shares of Dayforce by 1.1% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock valued at $650,726,000 after purchasing an additional 112,086 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Dayforce by 1.9% during the 3rd quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock valued at $347,236,000 after buying an additional 103,794 shares in the last quarter. Dragoneer Investment Group LLC purchased a new position in shares of Dayforce during the 2nd quarter valued at $193,274,000. Finally, Geode Capital Management LLC boosted its holdings in Dayforce by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock worth $230,875,000 after buying an additional 30,302 shares during the period.

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.