Scotiabank Cuts Dayforce (NYSE:DAY) Price Target to $55.00

Dayforce (NYSE:DAY) had its target price lowered by Scotiabank from $72.00 to $55.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a sector perform rating on the stock.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group cut their price target on Dayforce from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Stifel Nicolaus cut their price target on Dayforce from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Barclays cut their price target on Dayforce from $80.00 to $69.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Cowen upgraded Dayforce from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Dayforce in a report on Thursday, February 6th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.86.

Dayforce Stock Performance

Shares of DAY opened at $57.63 on Monday. Dayforce has a 12 month low of $47.08 and a 12 month high of $82.69. The stock has a fifty day moving average price of $64.83 and a 200-day moving average price of $67.74. The company has a current ratio of 1.13, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The firm has a market cap of $9.16 billion, a PE ratio of 523.96, a P/E/G ratio of 2.49 and a beta of 1.33.

Dayforce (NYSE:DAY) last released its 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 net margin of 1.03% and a return on equity of 6.49%. Equities research analysts predict that Dayforce will post 1.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Dayforce

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $71.33, for a total value of $71,330.00. Following the sale, the chief operating officer now owns 119,022 shares of the company’s stock, valued at approximately $8,489,839.26. The trade was a 0.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its position in shares of Dayforce by 382.5% during the 4th quarter. FMR LLC now owns 3,215,123 shares of the company’s stock valued at $233,547,000 after acquiring an additional 2,548,779 shares during the period. Capital International Investors lifted its position in shares of Dayforce by 3.9% during the 4th quarter. Capital International Investors now owns 17,659,706 shares of the company’s stock valued at $1,282,800,000 after acquiring an additional 667,065 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Dayforce by 18,250.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 660,613 shares of the company’s stock valued at $47,890,000 after acquiring an additional 657,013 shares during the period. California Public Employees Retirement System lifted its position in shares of Dayforce by 189.0% during the 4th quarter. California Public Employees Retirement System now owns 567,561 shares of the company’s stock valued at $41,228,000 after acquiring an additional 371,153 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Dayforce during the 3rd quarter valued at approximately $19,273,000.

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.