Scotiabank Issues Pessimistic Forecast for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY) had its price target cut by research analysts at Scotiabank from $75.00 to $72.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 10.71% from the company’s current price.

Several other research firms have also recently issued reports on DAY. BMO Capital Markets upped their price target on Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Jefferies Financial Group reduced their target price on Dayforce from $80.00 to $75.00 and set a “hold” rating for the company in a report on Thursday. Stifel Nicolaus lifted their price target on Dayforce from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Mizuho upped their price objective on shares of Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $80.00 price target (down previously from $85.00) on shares of Dayforce in a report on Wednesday, January 8th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

Dayforce Price Performance

Shares of DAY stock traded down $0.97 during mid-day trading on Thursday, hitting $65.04. 657,745 shares of the stock traded hands, compared to its average volume of 1,667,232. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a market cap of $10.26 billion, a price-to-earnings ratio of 196.49, a price-to-earnings-growth ratio of 2.59 and a beta of 1.26. The company’s 50-day simple moving average is $73.91 and its 200-day simple moving average is $66.39. Dayforce has a twelve month low of $47.08 and a twelve month high of $82.69.

Dayforce (NYSE:DAY) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.09). Dayforce had a return on equity of 6.69% and a net margin of 3.12%. As a group, equities research analysts expect that Dayforce will post 1.07 earnings per share for the current year.

Insider Activity at Dayforce

In related news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David D. Ossip sold 858,697 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 directly owns 794,527 shares in the company, valued at $63,204,622.85. This trade represents a 51.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 860,697 shares of company stock worth $68,456,936 over the last ninety days. Company insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC acquired a new stake in Dayforce during the third quarter worth approximately $40,000. Quarry LP bought a new position in Dayforce during the third quarter worth about $51,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Dayforce in the 3rd quarter worth about $74,000. Smartleaf Asset Management LLC boosted its holdings in Dayforce by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock valued at $89,000 after purchasing an additional 501 shares during the period. Finally, Blue Trust Inc. acquired a new position in shares of Dayforce during the 3rd quarter worth approximately $91,000.

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.