Dayforce (NYSE:DAY) Earns Overweight Rating from Analysts at KeyCorp

Equities research analysts at KeyCorp initiated coverage on shares of Dayforce (NYSE:DAY) in a research note issued on Tuesday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $70.00 price target on the stock. KeyCorp’s target price would suggest a potential upside of 19.68% from the stock’s current price. KeyCorp also issued estimates for Dayforce’s Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $1.03 EPS, Q1 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.30 EPS, Q3 2025 earnings at $0.33 EPS, Q4 2025 earnings at $0.35 EPS, FY2025 earnings at $1.40 EPS and FY2026 earnings at $1.89 EPS.

A number of other equities research analysts have also recently weighed in on DAY. BMO Capital Markets reaffirmed an “outperform” rating and set a $75.00 price target on shares of Dayforce in a report on Tuesday, June 11th. Needham & Company LLC reiterated a “buy” rating and set a $82.00 price target on shares of Dayforce in a research report on Wednesday, July 31st. Wells Fargo & Company lowered their price target on Dayforce from $64.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Piper Sandler upgraded shares of Dayforce from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $68.00 to $71.00 in a research note on Wednesday, July 31st. Finally, Citigroup decreased their target price on shares of Dayforce from $72.00 to $66.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.36.

Dayforce Trading Down 3.2 %

Shares of NYSE DAY opened at $58.49 on Tuesday. Dayforce has a 12-month low of $47.08 and a 12-month high of $75.33. The company has a market cap of $9.25 billion, a price-to-earnings ratio of 177.25, a price-to-earnings-growth ratio of 2.12 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.49. The stock’s 50 day simple moving average is $55.72 and its 200 day simple moving average is $57.16.

Dayforce (NYSE:DAY) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. Dayforce had a net margin of 2.89% and a return on equity of 6.35%. The company had revenue of $423.30 million during the quarter, compared to the consensus estimate of $417.41 million. Equities research analysts expect that Dayforce will post 1.08 EPS for the current year.

Institutional Investors Weigh In On Dayforce

Institutional investors and hedge funds have recently modified their holdings of the stock. Select Equity Group L.P. purchased a new position in Dayforce in the 2nd quarter worth about $721,310,000. EdgePoint Investment Group Inc. acquired a new stake in shares of Dayforce during the second quarter valued at approximately $521,396,000. Dragoneer Investment Group LLC acquired a new position in Dayforce in the 2nd quarter worth approximately $193,274,000. Dimensional Fund Advisors LP purchased a new position in Dayforce during the 2nd quarter worth approximately $51,027,000. Finally, Cannae Holdings Inc. acquired a new stake in Dayforce during the 2nd quarter valued at $49,600,000.

About Dayforce

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.