Citigroup Issues Pessimistic Forecast for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY) had its price target dropped by research analysts at Citigroup from $90.00 to $83.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 17.96% from the stock’s current price.

Several other brokerages have also recently issued reports on DAY. BMO Capital Markets lifted their target price on Dayforce from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Stifel Nicolaus boosted their target price on Dayforce from $82.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Needham & Company LLC increased their price target on Dayforce from $82.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $80.00 price objective (down previously from $85.00) on shares of Dayforce in a research report on Wednesday, January 8th. Finally, TD Cowen boosted their price target on shares of Dayforce from $58.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, October 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Dayforce presently has an average rating of “Moderate Buy” and a consensus target price of $80.07.

Dayforce Stock Up 0.2 %

Dayforce stock traded up $0.13 during mid-day trading on Thursday, reaching $70.36. The stock had a trading volume of 705,776 shares, compared to its average volume of 1,246,675. 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 $75.96 and its 200-day simple moving average is $64.42. Dayforce has a fifty-two week low of $47.08 and a fifty-two week high of $82.69. The firm has a market capitalization of $11.10 billion, a PE ratio of 213.32, a price-to-earnings-growth ratio of 2.61 and a beta of 1.26.

Insider Buying and Selling at Dayforce

In other Dayforce news, CEO David D. Ossip sold 858,697 shares of Dayforce stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.55, for a total transaction of $68,309,346.35. Following the completion of the transaction, the chief executive officer now owns 794,527 shares in the company, valued at approximately $63,204,622.85. The trade was a 51.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $65.00, for a total transaction of $65,000.00. Following the sale, the chief operating officer now directly owns 100,437 shares in the company, valued at $6,528,405. This trade represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 863,697 shares of company stock valued at $68,666,106. 4.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dayforce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC purchased a new position in shares of Dayforce in the second quarter worth $287,000. Texas Permanent School Fund Corp purchased a new position in Dayforce in the 2nd quarter worth about $1,281,000. State of New Jersey Common Pension Fund D bought a new position in Dayforce during the 2nd quarter valued at about $2,760,000. American Century Companies Inc. purchased a new stake in shares of Dayforce during the 2nd quarter valued at about $264,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Dayforce in the second quarter worth approximately $1,017,000.

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.