Dayforce’s (DAY) “Buy” Rating Reiterated at Needham & Company LLC

Dayforce (NYSE:DAY)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $95.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 67.37% from the stock’s current price.

A number of other brokerages have also recently commented on DAY. KeyCorp decreased their target price on shares of Dayforce from $80.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. TD Cowen upgraded Dayforce from a “hold” rating to a “buy” rating and lifted their target price for the company from $67.00 to $68.00 in a research note on Friday, March 7th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target (down from $94.00) on shares of Dayforce in a report on Wednesday, February 5th. Cowen raised shares of Dayforce from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Finally, Barclays lowered their target price on shares of Dayforce from $69.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $71.29.

Dayforce Stock Performance

Shares of DAY stock opened at $56.76 on Thursday. Dayforce has a 1 year low of $47.08 and a 1 year high of $82.69. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.13. The firm has a market cap of $8.98 billion, a price-to-earnings ratio of 516.05, a PEG ratio of 2.49 and a beta of 1.17. The stock’s 50-day moving average is $56.11 and its two-hundred day moving average is $66.62.

Dayforce (NYSE:DAY) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.37 earnings per share 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%. Analysts predict that Dayforce will post 1.48 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Samer Alkharrat sold 1,916 shares of the business’s stock in a transaction on Friday, April 25th. The shares were sold at an average price of $56.64, for a total transaction of $108,522.24. Following the completion of the sale, the executive vice president now directly owns 150,237 shares of the company’s stock, valued at $8,509,423.68. The trade was a 1.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William Everett Mcdonald sold 2,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $56.16, for a total value of $112,320.00. Following the sale, the executive vice president now directly owns 105,691 shares of the company’s stock, valued at approximately $5,935,606.56. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DAY. FMR LLC lifted its holdings 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 in the last quarter. Capital International Investors lifted its position in Dayforce by 3.9% during the 4th quarter. Capital International Investors now owns 17,659,706 shares of the company’s stock worth $1,282,800,000 after acquiring an additional 667,065 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Dayforce by 18,250.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 660,613 shares of the company’s stock worth $47,890,000 after acquiring an additional 657,013 shares during the period. California Public Employees Retirement System grew its position in Dayforce by 189.0% in the fourth 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 in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Dayforce by 21.5% during the fourth quarter. Northern Trust Corp now owns 1,544,475 shares of the company’s stock valued at $112,191,000 after purchasing an additional 273,031 shares during the period.

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.