Jefferies Financial Group Issues Pessimistic Forecast for Dayforce (NYSE:DAY) Stock Price

Dayforce (NYSE:DAY) had its price objective dropped by analysts at Jefferies Financial Group from $80.00 to $75.00 in a report released on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s target price suggests a potential upside of 13.60% from the company’s current price.

A number of other analysts have also recently issued reports on the company. Piper Sandler reissued an “overweight” rating and issued a $83.00 target price (down from $94.00) on shares of Dayforce in a research report on Wednesday. Barclays reduced their price target on shares of Dayforce from $80.00 to $69.00 and set an “equal weight” rating for the company in a research report on Thursday. 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 objective on the stock. Citigroup decreased their target price on shares of Dayforce from $90.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Finally, Stifel Nicolaus increased their price target on Dayforce from $82.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Dayforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.21.

Dayforce Price Performance

Shares of NYSE DAY opened at $66.02 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. The company has a market cap of $10.41 billion, a price-to-earnings ratio of 200.08, a price-to-earnings-growth ratio of 2.59 and a beta of 1.26. The stock’s 50-day moving average is $73.91 and its two-hundred day moving average is $66.39. Dayforce has a 1-year low of $47.08 and a 1-year high of $82.69.

Dayforce (NYSE:DAY) last released its earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share 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%. Analysts forecast that Dayforce will post 1.07 EPS for the current fiscal year.

Insider Transactions at Dayforce

In other news, CEO David D. Ossip sold 858,697 shares of the company’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 completion of the transaction, the chief executive officer now owns 794,527 shares of the company’s stock, valued at $63,204,622.85. This represents a 51.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Stephen H. Holdridge sold 1,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $71.33, for a total transaction of $71,330.00. Following the transaction, the chief operating officer now directly owns 119,022 shares in the company, valued at approximately $8,489,839.26. This represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 860,697 shares of company stock valued at $68,456,936 in the last 90 days. 4.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dayforce

Large investors have recently modified their holdings of the company. Creative Planning purchased a new stake in Dayforce during the 2nd quarter worth approximately $276,000. SG Americas Securities LLC bought a new position in shares of Dayforce in the third quarter valued at approximately $442,000. Handelsbanken Fonder AB boosted its stake in Dayforce by 23.5% during the third quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company’s stock valued at $2,315,000 after buying an additional 7,200 shares in the last quarter. Czech National Bank acquired a new position in Dayforce in the third quarter worth approximately $1,973,000. Finally, GAMMA Investing LLC acquired a new stake in Dayforce during the 3rd quarter worth about $118,000.

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.