Dayforce (NYSE:DAY) Cut to “Underweight” at Wells Fargo & Company

Wells Fargo & Company lowered shares of Dayforce (NYSE:DAY) from an equal weight rating to an underweight rating in a report published on Friday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $50.00 target price on the stock, down from their previous target price of $60.00.

Several other analysts have also commented on the company. Cowen upgraded Dayforce from a “hold” rating to a “buy” rating in a research report on Friday, March 7th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Dayforce in a research note on Thursday, May 8th. Jefferies Financial Group reiterated a “hold” rating on shares of Dayforce in a research report on Friday, May 23rd. Barclays cut their price target on shares of Dayforce from $61.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. Finally, Piper Sandler decreased their price objective on shares of Dayforce from $83.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.86.

Dayforce Trading Down 4.4%

DAY stock opened at $56.97 on Friday. Dayforce has a 1-year low of $47.08 and a 1-year high of $82.69. The company has a current ratio of 1.13, a quick ratio of 1.15 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $57.41 and its 200-day moving average is $63.66. The firm has a market cap of $9.11 billion, a P/E ratio of 517.96, a P/E/G ratio of 2.49 and a beta of 1.12.

Insider Activity

In related news, EVP Samer Alkharrat sold 1,916 shares of Dayforce stock in a transaction dated 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 in the company, valued at $8,509,423.68. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Everett Mcdonald sold 2,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total value of $112,320.00. Following the sale, the executive vice president now directly owns 105,691 shares of the company’s stock, valued at $5,935,606.56. This represents a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DAY. SVB Wealth LLC acquired a new position in Dayforce in the first quarter valued at approximately $30,000. National Pension Service raised its position in shares of Dayforce by 74.5% during the 1st quarter. National Pension Service now owns 541 shares of the company’s stock valued at $32,000 after acquiring an additional 231 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Dayforce by 196.9% in the 1st quarter. Mather Group LLC. now owns 962 shares of the company’s stock valued at $56,000 after purchasing an additional 638 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Dayforce in the 4th quarter worth $61,000. Finally, Federated Hermes Inc. bought a new position in shares of Dayforce in the 4th quarter worth $72,000.

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.