Dayforce (NYSE:DAY) Sees Large Volume Increase – Still a Buy?

Shares of Dayforce Inc (NYSE:DAY) saw strong trading volume on Tuesday . 1,954,960 shares were traded during mid-day trading, an increase of 22% from the previous session’s volume of 1,605,454 shares.The stock last traded at $81.10 and had previously closed at $81.80.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DAY. Mizuho lifted their target price on Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Scotiabank assumed coverage on shares of Dayforce in a research report on Monday, November 18th. They issued a “sector perform” rating and a $75.00 target price for the company. TD Cowen boosted their price target on shares of Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, October 7th. Finally, Citigroup increased their price objective on shares of Dayforce from $75.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $78.77.

Dayforce Stock Performance

The stock has a market cap of $12.60 billion, a price-to-earnings ratio of 242.03, a price-to-earnings-growth ratio of 3.84 and a beta of 1.27. The company’s 50-day simple moving average is $68.58 and its 200-day simple moving average is $59.24. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.47.

Insider Buying and Selling

In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $40,746.91. Following the completion of the transaction, the insider now directly owns 34,074 shares in the company, valued at $2,159,269.38. This trade represents a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $65.00, for a total transaction of $65,000.00. Following the sale, the chief operating officer now owns 100,437 shares in the company, valued at $6,528,405. This represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 865,340 shares of company stock worth $68,770,223 in the last three months. 4.90% of the stock is currently owned by insiders.

Institutional Trading of Dayforce

Hedge funds and other institutional investors have recently modified their holdings of the business. Financial Perspectives Inc purchased a new stake in Dayforce in the 2nd quarter worth about $28,000. Quent Capital LLC purchased a new stake in shares of Dayforce in the third quarter worth approximately $28,000. Sentry Investment Management LLC acquired a new stake in shares of Dayforce during the second quarter worth approximately $33,000. Farther Finance Advisors LLC purchased a new position in Dayforce during the third quarter valued at approximately $40,000. Finally, Quarry LP acquired a new position in Dayforce in the 3rd quarter valued at approximately $51,000.

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.