Piper Sandler Reiterates “Overweight” Rating for Dayforce (NYSE:DAY)

Dayforce (NYSE:DAY)‘s stock had its “overweight” rating reiterated by research analysts at Piper Sandler in a report released on Wednesday,Benzinga reports. They presently have a $94.00 price target on the stock, up from their previous price target of $82.00. Piper Sandler’s price objective points to a potential upside of 24.44% from the company’s current price.

Several other equities analysts have also recently issued reports on DAY. TD Cowen boosted their target price on Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, October 7th. Mizuho boosted their target price on Dayforce from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays boosted their target price on Dayforce from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Citigroup boosted their target price on Dayforce from $75.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Jefferies Financial Group boosted their target price on Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.08.

Dayforce Stock Performance

NYSE DAY traded down $1.20 on Wednesday, hitting $75.54. 174,633 shares of the company’s stock were exchanged, compared to its average volume of 1,605,054. 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 firm’s 50-day moving average price is $64.59 and its two-hundred day moving average price is $57.96. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $81.32. The firm has a market cap of $11.91 billion, a price-to-earnings ratio of 232.61, a P/E/G ratio of 3.62 and a beta of 1.27.

Insider Buying and Selling at Dayforce

In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of the stock in a transaction 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 owns 34,074 shares of the company’s stock, valued at $2,159,269.38. This represents a 1.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $63,370.00. Following the transaction, the chief operating officer now directly owns 101,437 shares in the company, valued at approximately $6,428,062.69. This represents a 0.98 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,643 shares of company stock worth $384,617. 4.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DAY. Financial Perspectives Inc purchased a new position in shares of Dayforce during the 2nd quarter worth $28,000. Quent Capital LLC purchased a new position in shares of Dayforce in the 3rd quarter worth $28,000. Sentry Investment Management LLC purchased a new position in shares of Dayforce in the 2nd quarter worth $33,000. Farther Finance Advisors LLC purchased a new position in shares of Dayforce in the 3rd quarter worth $40,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of Dayforce in the 2nd quarter worth $62,000.

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.