Dayforce (NYSE:DAY) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Dayforce (NYSE:DAY) from a hold rating to a strong sell rating in a report issued on Wednesday,Zacks.com reports.

Other research analysts have also recently issued reports about the company. Piper Sandler upgraded Dayforce to a “strong-buy” rating in a report on Tuesday, August 19th. Citigroup downgraded Dayforce from a “buy” rating to a “neutral” rating and set a $70.00 price objective on the stock. in a research report on Wednesday, September 17th. Weiss Ratings restated a “hold (c)” rating on shares of Dayforce in a report on Thursday, October 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Dayforce in a research note on Thursday, October 30th. Finally, Mizuho set a $70.00 price target on Dayforce in a report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $70.36.

Dayforce Stock Performance

NYSE:DAY opened at $68.38 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $10.94 billion, a PE ratio of -72.74, a P/E/G ratio of 2.65 and a beta of 1.20. Dayforce has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. The company has a fifty day moving average of $68.76 and a two-hundred day moving average of $61.96.

Dayforce (NYSE:DAY) last announced its earnings results on Wednesday, October 29th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.19). Dayforce had a negative net margin of 7.91% and a positive return on equity of 6.54%. The company had revenue of $481.60 million during the quarter, compared to analyst estimates of $481.22 million. During the same quarter last year, the business earned $0.47 EPS. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, research analysts forecast that Dayforce will post 1.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Samer Alkharrat sold 3,233 shares of the firm’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $68.55, for a total transaction of $221,622.15. Following the completion of the sale, the executive vice president directly owned 117,934 shares of the company’s stock, valued at approximately $8,084,375.70. This trade represents a 2.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Price T. Rowe Associates Inc /M sold 39,558 shares of the business’s stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $68.45, for a total transaction of $2,707,745.10. Following the completion of the sale, the insider owned 24,753,418 shares in the company, valued at approximately $1,694,371,462.10. This trade represents a 0.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 74,179 shares of company stock valued at $5,081,720. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dayforce

Several large investors have recently made changes to their positions in DAY. EdgePoint Investment Group Inc. raised its position in Dayforce by 55.0% in the first quarter. EdgePoint Investment Group Inc. now owns 13,860,521 shares of the company’s stock valued at $808,484,000 after purchasing an additional 4,918,825 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Dayforce by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,620,415 shares of the company’s stock valued at $969,470,000 after buying an additional 1,387,943 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Dayforce by 36.0% in the 1st quarter. Invesco Ltd. now owns 3,583,632 shares of the company’s stock valued at $209,033,000 after buying an additional 948,436 shares during the period. Assenagon Asset Management S.A. lifted its stake in Dayforce by 1,055.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 567,796 shares of the company’s stock worth $39,115,000 after acquiring an additional 518,636 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Dayforce during the 1st quarter worth about $28,416,000.

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.