Needham & Company LLC Reiterates Buy Rating for Dayforce (NYSE:DAY)

Dayforce (NYSE:DAY)‘s stock had its “buy” rating reissued by Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They presently have a $95.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 43.89% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Stifel Nicolaus upped their target price on Dayforce from $82.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Scotiabank began coverage on shares of Dayforce in a research report on Monday, November 18th. They set a “sector perform” rating and a $75.00 price target on the stock. Jefferies Financial Group increased their price target on shares of Dayforce from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Mizuho lifted their price objective on Dayforce from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler reiterated an “overweight” rating and set a $83.00 target price (down previously from $94.00) on shares of Dayforce in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.21.

Dayforce Stock Down 8.0 %

Shares of DAY opened at $66.02 on Thursday. The firm has a market cap of $10.41 billion, a P/E ratio of 200.08, a P/E/G ratio of 2.59 and a beta of 1.26. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. Dayforce has a 1 year low of $47.08 and a 1 year high of $82.69. The stock has a 50 day simple moving average of $73.91 and a two-hundred day simple moving average of $66.39.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.09). Dayforce had a return on equity of 6.69% and a net margin of 3.12%. On average, analysts forecast that Dayforce will post 1.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the business’s 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David D. Ossip sold 858,697 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the sale, the chief executive officer now directly owns 794,527 shares in the company, valued at approximately $63,204,622.85. The trade was a 51.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 860,697 shares of company stock valued at $68,456,936. 4.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dayforce

Hedge funds and other institutional investors have recently modified their holdings of the company. Metis Global Partners LLC grew its holdings in shares of Dayforce by 3.8% in the fourth quarter. Metis Global Partners LLC now owns 5,261 shares of the company’s stock worth $382,000 after acquiring an additional 193 shares during the period. Bleakley Financial Group LLC increased its position in shares of Dayforce by 9.9% during the 3rd 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 last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Dayforce by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock worth $89,000 after purchasing an additional 501 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Dayforce by 11.0% in the third quarter. HighTower Advisors LLC now owns 6,083 shares of the company’s stock worth $368,000 after buying an additional 602 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in Dayforce by 1.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 56,294 shares of the company’s stock valued at $3,448,000 after buying an additional 640 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.