Stifel Nicolaus Cuts Dayforce (NYSE:DAY) Price Target to $85.00

Dayforce (NYSE:DAY - Get Free Report) had its price objective dropped by equities researchers at Stifel Nicolaus from $90.00 to $85.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Stifel Nicolaus' price objective suggests a potential upside of 29.44% from the stock's current price.

A number of other analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $80.00 price target (down from $85.00) on shares of Dayforce in a research note on Wednesday, January 8th. Barclays lowered their price target on shares of Dayforce from $80.00 to $69.00 and set an "equal weight" rating on the stock in a report on Thursday. BMO Capital Markets increased their target price on shares of Dayforce from $80.00 to $90.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Needham & Company LLC reiterated a "buy" rating and issued a $95.00 price objective on shares of Dayforce in a research report on Thursday. Finally, Jefferies Financial Group decreased their target price on Dayforce from $80.00 to $75.00 and set a "hold" rating on the stock in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $78.64.

Dayforce Stock Performance

Shares of Dayforce stock traded up $0.64 during trading hours on Thursday, hitting $65.67. 1,637,503 shares of the company's stock traded hands, compared to its average volume of 1,721,966. The company has a fifty day simple moving average of $73.05 and a 200-day simple moving average of $66.66. 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 stock has a market capitalization of $10.36 billion, a price-to-earnings ratio of 597.04, a PEG ratio of 2.41 and a beta of 1.26. Dayforce has a 12-month low of $47.08 and a 12-month high of $82.69.

Dayforce (NYSE:DAY - Get Free Report) last issued its quarterly earnings results 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 return on equity of 6.49% and a net margin of 1.03%. Equities research analysts anticipate that Dayforce will post 1.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction dated 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. This trade represents a 51.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $76.26, for a total transaction of $76,260.00. Following the transaction, the chief operating officer now directly owns 121,022 shares of the company's stock, valued at $9,229,137.72. This represents a 0.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 860,697 shares of company stock worth $68,456,936 over the last three months. Company insiders own 4.90% of the company's stock.

Institutional Trading of Dayforce

Several institutional investors have recently bought and sold shares of the company. Creative Planning bought a new stake in shares of Dayforce in the second quarter worth $276,000. SG Americas Securities LLC purchased a new position in Dayforce during the third quarter valued at $442,000. Handelsbanken Fonder AB grew its holdings in Dayforce by 23.5% during 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 Dayforce in the third quarter worth about $1,973,000. Finally, GAMMA Investing LLC bought a new stake in Dayforce during the 3rd quarter worth approximately $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.