Wells Fargo & Company Cuts Dayforce (NYSE:DAY) Price Target to $60.00

Dayforce (NYSE:DAY) had its price target lowered by equities researchers at Wells Fargo & Company from $70.00 to $60.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 14.35% from the company’s previous close.

DAY has been the topic of a number of other reports. TD Cowen upgraded shares of Dayforce from a “hold” rating to a “buy” rating and lifted their price objective for the company from $67.00 to $68.00 in a report on Friday, March 7th. Cowen upgraded Dayforce from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Piper Sandler restated an “overweight” rating and issued a $83.00 price target (down from $94.00) on shares of Dayforce in a research note on Wednesday, February 5th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective on shares of Dayforce in a report on Thursday, February 6th. Finally, Barclays dropped their price target on shares of Dayforce from $69.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Monday. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.79.

Dayforce Stock Performance

Shares of Dayforce stock opened at $52.47 on Tuesday. The company has a market capitalization of $8.30 billion, a PE ratio of 477.04, a PEG ratio of 2.49 and a beta of 1.20. 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 stock’s fifty day simple moving average is $58.06 and its 200 day simple moving average is $67.25. Dayforce has a 12 month low of $47.08 and a 12 month high of $82.69.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. On average, research analysts predict that Dayforce will post 1.48 EPS for the current year.

Insider Buying and Selling

In other news, EVP William Everett Mcdonald sold 2,000 shares of Dayforce stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total value of $112,320.00. Following the transaction, the executive vice president now owns 105,691 shares in the company, valued at approximately $5,935,606.56. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DAY. Principal Financial Group Inc. acquired a new position in Dayforce during the 3rd quarter worth approximately $11,135,000. Smartleaf Asset Management LLC grew its position in Dayforce by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock worth $89,000 after acquiring an additional 501 shares during the last quarter. Retirement Systems of Alabama bought a new position in Dayforce in the third quarter valued at about $2,105,000. SG Americas Securities LLC grew its holdings in shares of Dayforce by 167.7% during the fourth quarter. SG Americas Securities LLC now owns 19,322 shares of the company’s stock worth $1,404,000 after purchasing an additional 12,103 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Dayforce by 31.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,028 shares of the company’s stock valued at $1,398,000 after buying an additional 4,596 shares during the last quarter.

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.