Needham & Company LLC Forecasts Strong Price Appreciation for Dayforce (NYSE:DAY) Stock

Dayforce (NYSE:DAY) had its target price raised by analysts at Needham & Company LLC from $82.00 to $95.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 23.76% from the stock’s previous close.

DAY has been the topic of a number of other reports. Mizuho boosted their price target on shares of Dayforce from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. TD Cowen upped their target price on shares of Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, October 7th. BMO Capital Markets raised their price target on shares of Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday. Piper Sandler upped their price objective on Dayforce from $71.00 to $82.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Citigroup increased their price objective on Dayforce from $75.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.08.

Dayforce Trading Down 0.5 %

Shares of NYSE DAY opened at $76.76 on Wednesday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $12.11 billion, a PE ratio of 232.61, a PEG ratio of 3.71 and a beta of 1.27. Dayforce has a twelve month low of $47.08 and a twelve month high of $81.32. The stock has a fifty day simple moving average of $64.59 and a 200-day simple moving average of $57.96.

Insider Transactions at Dayforce

In other Dayforce news, insider Jeffrey Scott Jacobs sold 643 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 34,074 shares in the company, valued at $2,159,269.38. This represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of Dayforce stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total value of $63,370.00. Following the sale, the chief operating officer now owns 101,437 shares in the company, valued at $6,428,062.69. This trade represents a 0.98 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,643 shares of company stock valued at $384,617. Corporate insiders own 4.90% of the company’s stock.

Institutional Trading of Dayforce

A number of large investors have recently made changes to their positions in DAY. Select Equity Group L.P. purchased a new stake in Dayforce in the second quarter valued at approximately $721,310,000. EdgePoint Investment Group Inc. acquired a new position in shares of Dayforce in the 2nd quarter valued at $521,396,000. Dragoneer Investment Group LLC acquired a new position in shares of Dayforce in the 2nd quarter valued at $193,274,000. Charles Schwab Investment Management Inc. raised its position in Dayforce by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,395,044 shares of the company’s stock valued at $85,446,000 after purchasing an additional 8,506 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in Dayforce during the 2nd quarter worth $51,027,000.

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.