Citigroup Cuts Dayforce (NYSE:DAY) Price Target to $83.00

Dayforce (NYSE:DAY) had its price objective trimmed by Citigroup from $90.00 to $83.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently commented on the stock. Barclays cut their target price on shares of Dayforce from $84.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 10th. TD Cowen upped 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. Stifel Nicolaus upped their target price on shares of Dayforce from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Jefferies Financial Group upped their target price on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, KeyCorp increased their price objective on shares of Dayforce from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Dayforce currently has an average rating of “Moderate Buy” and an average price target of $80.07.

Dayforce Price Performance

NYSE DAY opened at $69.55 on Thursday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The company has a fifty day simple moving average of $75.52 and a 200 day simple moving average of $64.69. The company has a market cap of $10.97 billion, a P/E ratio of 210.77, a P/E/G ratio of 2.61 and a beta of 1.26. Dayforce has a 1 year low of $47.08 and a 1 year high of $82.69.

Insiders Place Their Bets

In other news, CEO David D. Ossip sold 858,697 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total value of $68,309,346.35. Following the transaction, the chief executive officer now owns 794,527 shares of the company’s stock, valued at approximately $63,204,622.85. This trade represents a 51.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $77.00, for a total transaction of $77,000.00. Following the completion of the sale, the chief operating officer now owns 122,022 shares in the company, valued at $9,395,694. This represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 863,697 shares of company stock valued at $68,672,436 in the last 90 days. 4.90% of the stock is currently owned by insiders.

Institutional Trading of Dayforce

A number of hedge funds have recently modified their holdings of DAY. Select Equity Group L.P. acquired a new stake in shares of Dayforce in the 2nd quarter valued at approximately $721,310,000. EdgePoint Investment Group Inc. acquired a new stake in Dayforce during the 2nd quarter worth approximately $521,396,000. Dragoneer Investment Group LLC acquired a new stake in Dayforce during the 2nd quarter worth approximately $193,274,000. Dimensional Fund Advisors LP acquired a new stake in Dayforce during the 2nd quarter worth approximately $51,027,000. Finally, Squarepoint Ops LLC acquired a new stake in Dayforce during the 2nd quarter worth approximately $19,579,000.

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.