Dayforce (NYSE:DAY) Trading 4.5% Higher – Still a Buy?

Shares of Dayforce Inc (NYSE:DAY) traded up 4.5% during mid-day trading on Wednesday . The company traded as high as $69.28 and last traded at $68.23. 220,531 shares changed hands during trading, a decline of 86% from the average session volume of 1,560,347 shares. The stock had previously closed at $65.32.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DAY shares. Mizuho increased their price target on Dayforce from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. KeyCorp started coverage on Dayforce in a report on Tuesday, September 24th. They issued an “overweight” rating and a $70.00 price target on the stock. Citigroup increased their price target on Dayforce from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Piper Sandler upgraded Dayforce from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $68.00 to $71.00 in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Dayforce presently has a consensus rating of “Moderate Buy” and an average target price of $69.75.

Dayforce Stock Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.49. The company has a market cap of $11.24 billion, a P/E ratio of 235.53, a PEG ratio of 2.23 and a beta of 1.29. The firm has a 50 day moving average of $60.12 and a 200-day moving average of $56.61.

Dayforce (NYSE:DAY) last announced its earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. The business had revenue of $423.30 million for the quarter, compared to analysts’ expectations of $417.41 million. Dayforce had a return on equity of 6.35% and a net margin of 2.89%. As a group, sell-side analysts anticipate that Dayforce Inc will post 1.07 EPS for the current fiscal year.

Insider Buying and Selling at Dayforce

In other Dayforce news, 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 transaction of $63,370.00. Following the sale, the chief operating officer now owns 101,437 shares of the company’s stock, valued at approximately $6,428,062.69. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jeffrey Scott Jacobs sold 643 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 34,074 shares of the company’s stock, valued at $2,159,269.38. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of the firm’s 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 completion of the sale, the chief operating officer now directly owns 101,437 shares of the company’s stock, valued at $6,428,062.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,643 shares of company stock valued at $169,117. 4.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dayforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DAY. Candriam S.C.A. purchased a new position in Dayforce in the 2nd quarter worth $6,027,000. New Mexico Educational Retirement Board purchased a new position in Dayforce in the 2nd quarter worth $392,000. Acadian Asset Management LLC purchased a new position in Dayforce in the 2nd quarter worth $287,000. Prudential PLC purchased a new position in Dayforce in the 2nd quarter worth $490,000. Finally, Texas Permanent School Fund Corp purchased a new position in Dayforce in the 2nd quarter worth $1,281,000.

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.