KeyCorp Initiates Coverage on Dayforce (NYSE:DAY)

Research analysts at KeyCorp assumed coverage on shares of Dayforce (NYSE:DAY) in a report released on Tuesday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $70.00 price target on the stock. KeyCorp’s price target indicates a potential upside of 19.68% from the stock’s current price. KeyCorp also issued estimates for Dayforce’s Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $1.03 EPS, Q1 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.30 EPS, Q3 2025 earnings at $0.33 EPS, Q4 2025 earnings at $0.35 EPS, FY2025 earnings at $1.40 EPS and FY2026 earnings at $1.89 EPS.

DAY has been the topic of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $82.00 target price on shares of Dayforce in a report on Wednesday, July 31st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $75.00 price objective on shares of Dayforce in a research note on Tuesday, June 11th. TD Cowen dropped their target price on shares of Dayforce from $63.00 to $53.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Piper Sandler raised shares of Dayforce from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $68.00 to $71.00 in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company cut their target price on shares of Dayforce from $64.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, June 21st. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.36.

Dayforce Trading Down 3.2 %

NYSE DAY opened at $58.49 on Tuesday. The company has a market cap of $9.25 billion, a P/E ratio of 177.25, a P/E/G ratio of 2.12 and a beta of 1.29. Dayforce has a 12 month low of $47.08 and a 12 month high of $75.33. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.11 and a quick ratio of 1.11. The company has a 50-day moving average of $55.72 and a 200-day moving average of $57.16.

Dayforce (NYSE:DAY) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.18 by $0.05. The firm had revenue of $423.30 million during the quarter, compared to analyst estimates of $417.41 million. Dayforce had a net margin of 2.89% and a return on equity of 6.35%. As a group, equities analysts predict that Dayforce will post 1.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D bought a new position in shares of Dayforce during the second quarter worth about $2,760,000. Elo Mutual Pension Insurance Co bought a new position in Dayforce during the 2nd quarter worth approximately $673,000. Royal London Asset Management Ltd. bought a new position in Dayforce during the 2nd quarter worth approximately $2,942,000. Prudential PLC bought a new stake in shares of Dayforce in the 2nd quarter valued at approximately $490,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Dayforce in the 2nd quarter valued at approximately $9,801,000.

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.