Dayforce (NYSE:DAY) Hits New 1-Year High – What’s Next?

Shares of Dayforce Inc (NYSE:DAY) hit a new 52-week high during trading on Monday . The stock traded as high as $81.50 and last traded at $81.05, with a volume of 13648 shares. The stock had previously closed at $79.79.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DAY. Scotiabank assumed coverage on shares of Dayforce in a report on Monday, November 18th. They issued a “sector perform” rating and a $75.00 price target on the stock. Citigroup increased their target price on Dayforce from $75.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Needham & Company LLC boosted their price target on Dayforce from $82.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. BMO Capital Markets increased their price objective on Dayforce from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Dayforce from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Six investment 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.77.

Dayforce Stock Performance

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 company has a market cap of $12.86 billion, a P/E ratio of 241.80, a P/E/G ratio of 3.75 and a beta of 1.27. The stock’s fifty day moving average price is $67.31 and its two-hundred day moving average price is $58.80.

Insiders Place Their Bets

In other Dayforce news, COO Stephen H. Holdridge sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $76.26, for a total value of $76,260.00. Following the sale, the chief operating officer now owns 121,022 shares in the company, valued at $9,229,137.72. This trade represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeffrey Scott Jacobs sold 643 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $40,746.91. Following the sale, the insider now directly owns 34,074 shares in the company, valued at approximately $2,159,269.38. The trade was a 1.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,643 shares of company stock worth $460,877 over the last three months. Insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Dayforce

Several large investors have recently bought and sold shares of the company. Select Equity Group L.P. bought a new stake in shares of Dayforce during the second quarter worth about $721,310,000. EdgePoint Investment Group Inc. boosted its position in Dayforce by 1.1% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock worth $650,726,000 after buying an additional 112,086 shares during the period. Janus Henderson Group PLC boosted its position in Dayforce by 1.9% during the 3rd quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock worth $347,236,000 after buying an additional 103,794 shares during the period. Dragoneer Investment Group LLC bought a new stake in Dayforce during the 2nd quarter worth approximately $193,274,000. Finally, Geode Capital Management LLC increased its position in Dayforce by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock valued at $230,875,000 after acquiring an additional 30,302 shares during the period.

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.