Dayforce (NYSE:DAY) Shares Gap Down - Time to Sell?

Shares of Dayforce Inc (NYSE:DAY - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $61.99, but opened at $58.96. Dayforce shares last traded at $60.54, with a volume of 891,123 shares trading hands.

Analysts Set New Price Targets

DAY has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $95.00 target price on shares of Dayforce in a report on Thursday, February 6th. Jefferies Financial Group reduced their price objective on Dayforce from $80.00 to $75.00 and set a "hold" rating on the stock in a research note on Thursday, February 6th. Stifel Nicolaus decreased their target price on Dayforce from $90.00 to $85.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. KeyCorp lifted their price target on Dayforce from $80.00 to $92.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Finally, Scotiabank decreased their price objective on shares of Dayforce from $75.00 to $72.00 and set a "sector perform" rating on the stock in a report on Thursday, February 6th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $78.64.

Dayforce Trading Down 4.5 %

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 stock has a market capitalization of $8.69 billion, a P/E ratio of 497.10, a price-to-earnings-growth ratio of 2.49 and a beta of 1.33. The company has a fifty day simple moving average of $68.30 and a two-hundred day simple moving average of $67.85.

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Dayforce (NYSE:DAY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. On average, sell-side analysts expect that Dayforce Inc will post 1.48 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was 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 directly owns 119,022 shares in the company, valued at approximately $8,489,839.26. This trade represents a 0.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dayforce

A number of large investors have recently bought and sold shares of DAY. Capital International Investors lifted its position in shares of Dayforce by 3.9% in the fourth quarter. Capital International Investors now owns 17,659,706 shares of the company's stock worth $1,282,800,000 after purchasing an additional 667,065 shares in the last quarter. Vanguard Group Inc. increased its stake in Dayforce by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 17,319,275 shares of the company's stock valued at $1,258,072,000 after buying an additional 197,773 shares during the last quarter. Capital World Investors lifted its position in Dayforce by 1.0% during the 4th quarter. Capital World Investors now owns 13,654,333 shares of the company's stock worth $991,851,000 after buying an additional 128,578 shares in the last quarter. EdgePoint Investment Group Inc. boosted its stake 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 worth $650,726,000 after buying an additional 112,086 shares during the last quarter. Finally, Janus Henderson Group PLC boosted 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 worth $347,236,000 after buying an additional 103,794 shares during the last quarter.

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.