Dayforce (NYSE:DAY) Now Covered by Scotiabank

Scotiabank initiated coverage on shares of Dayforce (NYSE:DAY) in a report published on Monday morning, Marketbeat Ratings reports. The firm issued a sector perform rating and a $75.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler reiterated an “overweight” rating and set a $94.00 price objective (up previously from $82.00) on shares of Dayforce in a research note on Wednesday, November 13th. Jefferies Financial Group increased their price target on shares of Dayforce from $55.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Barclays upped their target price on Dayforce from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. KeyCorp lifted their price target on Dayforce from $80.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Citigroup increased their price objective on Dayforce from $75.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.77.

Dayforce Price Performance

NYSE:DAY opened at $78.43 on Monday. Dayforce has a 52-week low of $47.08 and a 52-week high of $81.32. The company has a market cap of $12.37 billion, a P/E ratio of 237.67, a P/E/G ratio of 3.51 and a beta of 1.27. 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 stock’s 50-day simple moving average is $66.90 and its 200 day simple moving average is $58.66.

Insider Activity at Dayforce

In other news, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $63,370.00. Following the transaction, the chief operating officer now owns 101,437 shares in the company, valued at approximately $6,428,062.69. This trade represents a 0.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey Scott Jacobs sold 643 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total value of $40,746.91. Following the completion of the sale, the insider now directly owns 34,074 shares in the company, valued at $2,159,269.38. This trade represents a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,643 shares of company stock valued at $460,877 over the last three months. 4.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Dayforce

Institutional investors have recently added to or reduced their stakes in the stock. Select Equity Group L.P. acquired a new position in shares of Dayforce during the second quarter worth $721,310,000. EdgePoint Investment Group Inc. bought a new position in Dayforce in the second quarter valued at about $521,396,000. Dragoneer Investment Group LLC acquired a new stake in shares of Dayforce during the second quarter valued at about $193,274,000. Dimensional Fund Advisors LP bought a new stake in shares of Dayforce during the second quarter worth about $51,027,000. Finally, Cannae Holdings Inc. acquired a new position in shares of Dayforce in the second quarter valued at approximately $49,600,000.

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.