Wells Fargo & Company Has Lowered Expectations for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY - Get Free Report) had its price target decreased by equities research analysts at Wells Fargo & Company from $70.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 5.12% from the company's previous close.

Several other brokerages also recently weighed in on DAY. TD Cowen upgraded Dayforce from a "hold" rating to a "buy" rating and boosted their price objective for the company from $67.00 to $68.00 in a research report on Friday, March 7th. Stifel Nicolaus cut their price target on shares of Dayforce from $90.00 to $85.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. Scotiabank lowered their price objective on shares of Dayforce from $72.00 to $55.00 and set a "sector perform" rating for the company in a research note on Monday, March 17th. Piper Sandler reissued an "overweight" rating and issued a $83.00 target price (down from $94.00) on shares of Dayforce in a research note on Wednesday, February 5th. Finally, Needham & Company LLC restated a "buy" rating and set a $95.00 price target on shares of Dayforce in a report on Thursday, February 6th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.86.

Dayforce Price Performance

Shares of DAY stock traded down $0.20 during trading hours on Tuesday, hitting $57.08. 85,655 shares of the company's stock were exchanged, compared to its average volume of 1,748,266. The company has a market capitalization of $9.03 billion, a PE ratio of 519.09, a PEG ratio of 2.49 and a beta of 1.20. The company has a current ratio of 1.13, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. Dayforce has a 12-month low of $47.08 and a 12-month high of $82.69. The business's 50 day simple moving average is $57.39 and its 200-day simple moving average is $67.05.

Dayforce (NYSE:DAY - Get Free Report) last issued 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 return on equity of 6.49% and a net margin of 1.03%. On average, equities research analysts anticipate that Dayforce will post 1.48 earnings per share for the current year.

Insiders Place Their Bets

In other Dayforce news, EVP William Everett Mcdonald sold 2,000 shares of Dayforce stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $56.16, for a total value of $112,320.00. Following the completion of the transaction, the executive vice president now directly owns 105,691 shares of the company's stock, valued at approximately $5,935,606.56. The trade was a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Dayforce

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. purchased a new stake in shares of Dayforce during the 3rd quarter valued at about $11,135,000. Smartleaf Asset Management LLC increased its holdings 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 buying an additional 501 shares during the last quarter. Retirement Systems of Alabama purchased a new position in shares of Dayforce during the 3rd quarter valued at about $2,105,000. SG Americas Securities LLC increased its stake in shares of Dayforce by 167.7% in the fourth quarter. SG Americas Securities LLC now owns 19,322 shares of the company's stock worth $1,404,000 after purchasing an additional 12,103 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Dayforce by 31.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,028 shares of the company's stock worth $1,398,000 after buying an additional 4,596 shares in 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.