Dayforce Inc (NYSE:DAY) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Dayforce Inc (NYSE:DAY - Get Free Report) has received an average rating of "Moderate Buy" from the fourteen research firms that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $79.08.

A number of research firms recently issued reports on DAY. Piper Sandler reaffirmed an "overweight" rating and issued a $94.00 price target (up from $82.00) on shares of Dayforce in a report on Wednesday, November 13th. Scotiabank assumed coverage on shares of Dayforce in a research note on Monday, November 18th. They issued a "sector perform" rating and a $75.00 target price for the company. TD Cowen increased their price target on shares of Dayforce from $58.00 to $62.00 and gave the company a "hold" rating in a research note on Monday, October 7th. Mizuho boosted their price objective on shares of Dayforce from $85.00 to $95.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Finally, Citigroup increased their price objective on Dayforce from $75.00 to $81.00 and gave the company a "buy" rating in a research report on Thursday, October 31st.

Insider Activity

In other news, CEO David D. Ossip sold 858,697 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total value of $68,309,346.35. Following the completion of the transaction, the chief executive officer now owns 794,527 shares in the company, valued at $63,204,622.85. This represents a 51.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $40,746.91. Following the sale, the insider now owns 34,074 shares in the company, valued at approximately $2,159,269.38. The trade was a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 865,340 shares of company stock valued at $68,770,223 in the last quarter. Company insiders own 4.90% of the company's stock.

Institutional Trading of Dayforce

Several hedge funds and other institutional investors have recently modified their holdings of DAY. Retirement Systems of Alabama bought a new position in shares of Dayforce during the third quarter worth about $2,105,000. Tidal Investments LLC raised its holdings in shares of Dayforce by 85.6% in the third quarter. Tidal Investments LLC now owns 28,359 shares of the company's stock valued at $1,737,000 after purchasing an additional 13,078 shares during the last quarter. Toronto Dominion Bank lifted its position in shares of Dayforce by 17.7% in the third quarter. Toronto Dominion Bank now owns 53,305 shares of the company's stock worth $3,265,000 after purchasing an additional 8,035 shares in the last quarter. Geode Capital Management LLC grew its position in Dayforce by 0.8% in the third quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company's stock valued at $230,875,000 after purchasing an additional 30,302 shares in the last quarter. Finally, M&T Bank Corp acquired a new stake in Dayforce in the 3rd quarter valued at $505,000.

Dayforce Price Performance

DAY stock traded up $0.05 during midday trading on Tuesday, reaching $77.45. 1,297,971 shares of the company's stock traded hands, compared to its average volume of 1,600,025. The company has a 50-day simple moving average of $73.42 and a two-hundred day simple moving average of $61.04. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.47. Dayforce has a 1-year low of $47.08 and a 1-year high of $82.69. The company has a market cap of $12.21 billion, a price-to-earnings ratio of 235.67, a PEG ratio of 3.68 and a beta of 1.26.

Dayforce Company Profile

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.