Scotiabank Issues Pessimistic Forecast for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY - Free Report) had its price target lowered by Scotiabank from $75.00 to $72.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Other analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $80.00 target price (down previously from $85.00) on shares of Dayforce in a report on Wednesday, January 8th. Citigroup dropped their price objective on Dayforce from $90.00 to $83.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Piper Sandler reiterated an "overweight" rating and issued a $83.00 target price (down from $94.00) on shares of Dayforce in a report on Wednesday, February 5th. KeyCorp raised their price target on shares of Dayforce from $80.00 to $92.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Finally, BMO Capital Markets increased their target price on shares of Dayforce from $80.00 to $90.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, Dayforce presently has an average rating of "Moderate Buy" and a consensus target price of $78.64.

Dayforce Stock Up 1.0 %

Shares of DAY stock traded up $0.64 during mid-day trading on Thursday, hitting $65.67. The stock had a trading volume of 1,637,503 shares, compared to its average volume of 1,721,966. Dayforce has a 12-month low of $47.08 and a 12-month high of $82.69. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.13 and a quick ratio of 1.15. The firm's 50-day moving average is $73.05 and its two-hundred day moving average is $66.66. The firm has a market capitalization of $10.36 billion, a P/E ratio of 597.04, a price-to-earnings-growth ratio of 2.41 and a beta of 1.26.

Dayforce (NYSE:DAY - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. On average, analysts predict that Dayforce will post 1.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the completion of the transaction, the chief executive officer now directly owns 794,527 shares of the company's stock, valued at $63,204,622.85. The trade was a 51.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $71.33, for a total transaction of $71,330.00. Following the sale, the chief operating officer now directly owns 119,022 shares in the company, valued at $8,489,839.26. This trade represents a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 860,697 shares of company stock valued at $68,456,936 over the last quarter. 4.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning acquired a new stake in shares of Dayforce during the 2nd quarter valued at about $276,000. SG Americas Securities LLC acquired a new stake in Dayforce in the third quarter valued at approximately $442,000. Handelsbanken Fonder AB grew its holdings in Dayforce by 23.5% in the third quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company's stock valued at $2,315,000 after purchasing an additional 7,200 shares during the period. Czech National Bank purchased a new stake in shares of Dayforce in the third quarter valued at approximately $1,973,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Dayforce in the third quarter valued at about $118,000.

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.