Zimmer Partners LP Takes $11.21 Million Position in Waystar Holding Corp. $WAY

Key Points

• Zimmer Partners LP acquired 300,000 shares of Waystar Holding Corp., amounting to approximately $11.2 million, representing a 0.17% ownership stake in the company.
• Insider sales included CEO Matthew J. Hawkins selling 46,667 shares for about $1.6 million, reducing his ownership by 5.76% to 764,131 shares.
• Waystar reported earnings of $0.36 per share for the quarter, exceeding estimates, and had a 15.4% revenue increase year-over-year, with a market capitalization of $7.12 billion.

Zimmer Partners LP purchased a new position in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 300,000 shares of the company's stock, valued at approximately $11,208,000. Zimmer Partners LP owned 0.17% of Waystar as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of WAY. Price T Rowe Associates Inc. MD raised its holdings in shares of Waystar by 21.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,271 shares of the company's stock worth $634,000 after buying an additional 3,070 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Waystar by 4.9% in the 4th quarter. Northern Trust Corp now owns 376,005 shares of the company's stock worth $13,799,000 after buying an additional 17,398 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Waystar by 76.3% in the 4th quarter. Ameriprise Financial Inc. now owns 146,375 shares of the company's stock worth $5,372,000 after buying an additional 63,326 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Waystar by 22.8% in the 4th quarter. BNP Paribas Financial Markets now owns 44,301 shares of the company's stock worth $1,626,000 after buying an additional 8,231 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Waystar by 263.2% in the 4th quarter. Bank of America Corp DE now owns 1,104,189 shares of the company's stock worth $40,524,000 after buying an additional 800,183 shares in the last quarter.

Analyst Ratings Changes

WAY has been the subject of a number of recent research reports. Robert W. Baird initiated coverage on Waystar in a report on Friday, September 5th. They issued an "outperform" rating and a $44.00 target price for the company. Baird R W upgraded shares of Waystar to a "strong-buy" rating in a research note on Friday, September 5th. Truist Financial lifted their target price on shares of Waystar from $50.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Mizuho initiated coverage on shares of Waystar in a research note on Monday, June 30th. They issued an "outperform" rating and a $48.00 target price for the company. Finally, Citigroup initiated coverage on shares of Waystar in a research note on Wednesday, June 25th. They issued a "buy" rating and a $45.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. According to MarketBeat.com, Waystar presently has a consensus rating of "Buy" and an average target price of $44.67.

Insider Activity at Waystar

In other news, CEO Matthew J. Hawkins sold 46,667 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $34.66, for a total transaction of $1,617,478.22. Following the completion of the sale, the chief executive officer owned 764,131 shares of the company's stock, valued at $26,484,780.46. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider T. Craig Bridge sold 85,000 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $37.09, for a total transaction of $3,152,650.00. Following the sale, the insider owned 682,843 shares in the company, valued at approximately $25,326,646.87. The trade was a 11.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 367,481 shares of company stock worth $13,966,561. Corporate insiders own 4.10% of the company's stock.

Waystar Trading Down 2.6%

Shares of WAY traded down $0.99 during trading hours on Friday, reaching $37.36. The stock had a trading volume of 3,281,891 shares, compared to its average volume of 1,907,822. The company has a market cap of $6.51 billion, a P/E ratio of 77.83, a P/E/G ratio of 0.74 and a beta of 0.78. Waystar Holding Corp. has a 52 week low of $26.26 and a 52 week high of $48.11. The company has a quick ratio of 3.43, a current ratio of 3.43 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average of $36.82 and a 200 day moving average of $37.97.

Waystar (NASDAQ:WAY - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $270.65 million for the quarter, compared to analyst estimates of $255.26 million. Waystar had a return on equity of 5.65% and a net margin of 8.50%.The company's revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. Waystar has set its FY 2025 guidance at 1.360-1.400 EPS. On average, sell-side analysts expect that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

About Waystar

Waystar Holding Corp. is a software company which provide healthcare payments. Waystar Holding Corp. is based in LEHI, Utah.