Piper Sandler Forecasts Strong Price Appreciation for Dayforce (NYSE:DAY) Stock

Dayforce (NYSE:DAY) had its price objective upped by equities research analysts at Piper Sandler from $71.00 to $82.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 9.00% from the company’s current price.

Other analysts have also issued research reports about the company. TD Cowen upped their target price on Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, October 7th. Jefferies Financial Group upped their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $82.00 price target on shares of Dayforce in a research note on Thursday. KeyCorp began coverage on Dayforce in a report on Tuesday, September 24th. They set an “overweight” rating and a $70.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.67.

Dayforce Stock Performance

Dayforce stock opened at $75.23 on Thursday. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $75.41. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 1.15. The stock has a market cap of $11.89 billion, a P/E ratio of 227.98, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. The firm’s fifty day moving average price is $61.11 and its 200-day moving average price is $56.91.

Dayforce (NYSE:DAY) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. Dayforce had a return on equity of 6.69% and a net margin of 3.12%. The business had revenue of $423.30 million for the quarter, compared to the consensus estimate of $417.41 million. On average, equities research analysts expect that Dayforce will post 1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey Scott Jacobs sold 643 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $40,746.91. Following the sale, the insider now owns 34,074 shares in the company, valued at $2,159,269.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $69.25, for a total transaction of $138,500.00. Following the sale, the chief operating officer now directly owns 98,437 shares of the company’s stock, valued at $6,816,762.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey Scott Jacobs sold 643 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was 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 of the company’s stock, valued at approximately $2,159,269.38. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,643 shares of company stock worth $307,617 in the last quarter. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

A number of institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC lifted its position in Dayforce by 9.9% during the third quarter. Bleakley Financial Group LLC now owns 4,867 shares of the company’s stock valued at $298,000 after purchasing an additional 439 shares during the period. Quent Capital LLC purchased a new stake in Dayforce during the 3rd quarter valued at $28,000. Financial Perspectives Inc bought a new position in shares of Dayforce during the 2nd quarter valued at $28,000. Farther Finance Advisors LLC purchased a new position in shares of Dayforce in the 3rd quarter worth $40,000. Finally, Sentry Investment Management LLC bought a new stake in shares of Dayforce in the second quarter worth $33,000.

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.