Zimmer Partners LP Takes 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 stake in 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 approximately 0.17% of Waystar as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. increased its position in shares of Waystar by 170.4% in the first quarter. Victory Capital Management Inc. now owns 178,024 shares of the company's stock valued at $6,651,000 after buying an additional 112,179 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Waystar by 107.9% in the first quarter. Teacher Retirement System of Texas now owns 40,042 shares of the company's stock valued at $1,496,000 after buying an additional 20,780 shares in the last quarter. Amalgamated Bank increased its position in shares of Waystar by 84.1% in the first quarter. Amalgamated Bank now owns 2,716 shares of the company's stock valued at $101,000 after buying an additional 1,241 shares in the last quarter. Vanguard Group Inc. increased its position in Waystar by 62.1% during the 1st quarter. Vanguard Group Inc. now owns 8,090,547 shares of the company's stock worth $302,263,000 after purchasing an additional 3,099,211 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in Waystar during the 1st quarter worth about $212,000.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WAY. Truist Financial lifted their price objective on Waystar from $50.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Citigroup began coverage on Waystar in a research report on Wednesday, June 25th. They set a "buy" rating and a $45.00 price objective for the company. Mizuho began coverage on Waystar in a research report on Monday, June 30th. They set an "outperform" rating and a $48.00 price objective for the company. Baird R W upgraded Waystar to a "strong-buy" rating in a research report on Friday, September 5th. Finally, Robert W. Baird began coverage on Waystar in a research report on Friday, September 5th. They set an "outperform" rating and a $44.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to data from MarketBeat, Waystar currently has an average rating of "Buy" and an average price target of $44.67.

Insider Transactions at Waystar

In other Waystar news, insider Eric L. (Ric) Sinclair III sold 19,404 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $40.03, for a total value of $776,742.12. Following the sale, the insider directly owned 474,826 shares of the company's stock, valued at approximately $19,007,284.78. This trade represents a 3.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Melissa F. (Missy) Miller sold 3,400 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $37.01, for a total value of $125,834.00. Following the completion of the sale, the chief marketing officer directly owned 193,261 shares in the company, valued at approximately $7,152,589.61. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 367,481 shares of company stock worth $13,966,561 in the last quarter. 4.10% of the stock is currently owned by corporate insiders.

Waystar Trading Down 2.6%

NASDAQ:WAY traded down $0.99 during mid-day trading on Friday, reaching $37.36. The company's stock had a trading volume of 3,281,891 shares, compared to its average volume of 2,205,674. The company's fifty day simple moving average is $36.78 and its two-hundred day simple moving average is $37.88. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.43 and a quick ratio of 3.43. Waystar Holding Corp. has a twelve month low of $26.26 and a twelve month high of $48.11. The stock has a market cap of $6.51 billion, a P/E ratio of 77.83, a P/E/G ratio of 0.68 and a beta of 0.78.

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

About Waystar

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