Dayforce (NYSE:DAY) Sets New 12-Month High Following Analyst Upgrade

Dayforce Inc (NYSE:DAY - Get Free Report)'s share price hit a new 52-week high during trading on Friday after BMO Capital Markets raised their price target on the stock from $70.00 to $80.00. BMO Capital Markets currently has an outperform rating on the stock. Dayforce traded as high as $74.76 and last traded at $74.51, with a volume of 847320 shares changing hands. The stock had previously closed at $70.95.

A number of other research analysts have also commented on DAY. Mizuho boosted their price target on shares of Dayforce from $80.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday. Piper Sandler boosted their price target on shares of Dayforce from $71.00 to $82.00 and gave the stock an "overweight" rating in a research note on Thursday. Needham & Company LLC restated a "buy" rating and issued a $82.00 target price on shares of Dayforce in a report on Thursday. Citigroup upped their price target on Dayforce from $75.00 to $81.00 and gave the company a "buy" rating in a research report on Thursday. Finally, TD Cowen lifted their target price 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. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.67.

Insider Activity

In related news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total value of $138,500.00. Following the transaction, the chief operating officer now owns 98,437 shares of the company's stock, valued at $6,816,762.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Dayforce news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total transaction of $138,500.00. Following the sale, the chief operating officer now owns 98,437 shares of the company's stock, valued at approximately $6,816,762.25. 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. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $65.00, for a total value of $65,000.00. Following the completion of the transaction, the chief operating officer now owns 100,437 shares in the company, valued at $6,528,405. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,643 shares of company stock valued at $307,617. 4.90% of the stock is currently owned by insiders.

Institutional Trading of Dayforce

Institutional investors have recently bought and sold shares of the stock. Select Equity Group L.P. acquired a new position in shares of Dayforce in the second quarter valued at about $721,310,000. EdgePoint Investment Group Inc. purchased a new position in Dayforce during the 2nd quarter worth approximately $521,396,000. Dragoneer Investment Group LLC purchased a new stake in shares of Dayforce in the 2nd quarter valued at $193,274,000. Dimensional Fund Advisors LP acquired a new position in Dayforce during the second quarter valued at $51,027,000. Finally, Cannae Holdings Inc. acquired a new stake in Dayforce during the 2nd quarter worth about $49,600,000.

Dayforce Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 1.15. The firm has a market cap of $11.89 billion, a PE ratio of 215.01, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. The stock has a 50 day simple moving average of $60.74 and a two-hundred day simple moving average of $56.80.

Dayforce (NYSE:DAY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.05. Dayforce had a net margin of 3.12% and a return on equity of 6.69%. The business had revenue of $423.30 million for the quarter, compared to analysts' expectations of $417.41 million. Sell-side analysts expect that Dayforce Inc will post 1.07 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.