Dayforce Inc (NYSE:DAY) Short Interest Down 19.6% in February

Dayforce Inc (NYSE:DAY - Get Free Report) saw a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 6,900,000 shares, a drop of 19.6% from the February 13th total of 8,580,000 shares. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 4.5% of the company's stock are short sold.

Insider Activity

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $71.33, for a total transaction of $71,330.00. Following the completion of the transaction, the chief operating officer now owns 119,022 shares of the company's stock, valued at approximately $8,489,839.26. This trade represents a 0.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dayforce

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. purchased a new position in shares of Dayforce in the third quarter valued at $11,135,000. KBC Group NV purchased a new position in Dayforce in the third quarter worth about $946,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in Dayforce during the third quarter worth approximately $19,273,000. Smartleaf Asset Management LLC raised its position in Dayforce by 69.0% during the fourth 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 during the period. Finally, CIBC Asset Management Inc purchased a new stake in Dayforce during the third quarter valued at approximately $1,434,000.

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Analysts Set New Price Targets

Several equities research analysts have commented on DAY shares. Jefferies Financial Group dropped their target price on Dayforce from $80.00 to $75.00 and set a "hold" rating on the stock in a report on Thursday, February 6th. Stifel Nicolaus cut their price objective on shares of Dayforce from $90.00 to $85.00 and set a "buy" rating on the stock in a research report on Thursday, February 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $95.00 target price on shares of Dayforce in a report on Thursday, February 6th. Citigroup dropped their target price on shares of Dayforce from $90.00 to $83.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Finally, Scotiabank reduced their price target on shares of Dayforce from $72.00 to $55.00 and set a "sector perform" rating for the company in a research report on Monday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Dayforce has an average rating of "Moderate Buy" and an average price target of $77.86.

Dayforce Price Performance

NYSE:DAY traded up $0.76 on Friday, reaching $58.40. 1,379,232 shares of the company's stock traded hands, compared to its average volume of 1,668,950. Dayforce has a 12 month low of $47.08 and a 12 month high of $82.69. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. The firm has a market cap of $9.24 billion, a PE ratio of 531.56, a P/E/G ratio of 2.49 and a beta of 1.33. The stock has a 50-day simple moving average of $64.59 and a 200-day simple moving average of $67.67.

Dayforce (NYSE:DAY - Get Free Report) last issued its 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%. Equities research analysts forecast that Dayforce will post 1.48 earnings per share for the current year.

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.