Dayforce (NYSE:DAY) Shares Gap Down – Here’s What Happened

Shares of Dayforce Inc (NYSE:DAY) gapped down before the market opened on Tuesday . The stock had previously closed at $59.54, but opened at $58.21. Dayforce shares last traded at $58.73, with a volume of 34,844 shares changing hands.

Wall Street Analysts Forecast Growth

DAY has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target on Dayforce from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. Scotiabank dropped their price objective on shares of Dayforce from $72.00 to $55.00 and set a “sector perform” rating for the company in a report on Monday, March 17th. Barclays dropped their target price on Dayforce from $61.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Dayforce in a report on Thursday, May 8th. Finally, Stifel Nicolaus dropped their price target on Dayforce from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.54.

Dayforce Price Performance

The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $9.45 billion, a P/E ratio of 537.28, a P/E/G ratio of 2.49 and a beta of 1.17. The firm has a fifty day moving average price of $56.66 and a two-hundred day moving average price of $66.26.

Insider Activity

In other news, EVP William Everett Mcdonald sold 2,000 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total value of $112,320.00. Following the transaction, the executive vice president now directly owns 105,691 shares in the company, valued at $5,935,606.56. This trade represents a 1.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Samer Alkharrat sold 1,916 shares of Dayforce stock in a transaction on Friday, April 25th. The stock was sold at an average price of $56.64, for a total value of $108,522.24. Following the completion of the sale, the executive vice president now directly owns 150,237 shares of the company’s stock, valued at $8,509,423.68. The trade was a 1.26% decrease in their position. The disclosure for this sale can be found here. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dayforce

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. purchased a new position in shares of Dayforce in the third quarter worth approximately $11,135,000. Smartleaf Asset Management LLC boosted its stake in shares of Dayforce by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company’s stock worth $89,000 after acquiring an additional 501 shares during the last quarter. SG Americas Securities LLC lifted its position in Dayforce by 167.7% during the fourth quarter. SG Americas Securities LLC now owns 19,322 shares of the company’s stock valued at $1,404,000 after purchasing an additional 12,103 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Dayforce by 31.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,028 shares of the company’s stock worth $1,398,000 after buying an additional 4,596 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of Dayforce during the 4th quarter valued at about $1,314,000.

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.