AGF Management Ltd. Grows Position in Waystar Holding Corp. (NASDAQ:WAY)

Key Points

• AGF Management Ltd. increased its stake in Waystar Holding Corp. by 8.5%, owning approximately $8.59 million worth of shares as of the latest SEC filing.
• Waystar reported earnings of $0.36 per share for the quarter, exceeding analysts' expectations, with revenue up 15.4% compared to the same quarter last year.
• Insider sales have occurred recently, with Director Paul G. Moskowitz selling over 3 million shares and CEO Matthew J. Hawkins selling nearly 200,000 shares, representing significant decreases in their ownership stakes.

AGF Management Ltd. increased its position in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 229,874 shares of the company's stock after acquiring an additional 17,947 shares during the period. AGF Management Ltd. owned about 0.13% of Waystar worth $8,588,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WAY. Vanguard Group Inc. grew 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 acquiring an additional 3,099,211 shares during the last quarter. Invesco Ltd. lifted its holdings in Waystar by 9,107.1% during the 1st quarter. Invesco Ltd. now owns 2,040,285 shares of the company's stock worth $76,225,000 after buying an additional 2,018,125 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in Waystar during the 4th quarter worth about $56,804,000. Farallon Capital Management LLC acquired a new position in Waystar during the 4th quarter worth about $49,251,000. Finally, Bank of America Corp DE lifted its holdings in Waystar by 263.2% during 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 during the period.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Mizuho assumed coverage on Waystar in a report on Monday, June 30th. They set an "outperform" rating and a $48.00 target price on the stock. TD Cowen raised Waystar to a "strong-buy" rating in a report on Thursday, June 5th. Canaccord Genuity Group dropped their price objective on Waystar from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Truist Financial boosted their price objective on Waystar from $50.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Citigroup initiated coverage on Waystar in a research note on Wednesday, June 25th. They issued a "buy" rating and a $45.00 price objective on the stock. Eleven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $43.25.

Insider Buying and Selling

In other news, Director Paul G. Moskowitz sold 451,837 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $37.39, for a total value of $16,894,185.43. Following the completion of the transaction, the director directly owned 18,055,049 shares of the company's stock, valued at $675,078,282.11. This represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Hawkins sold 197,847 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $38.53, for a total value of $7,623,044.91. Following the completion of the transaction, the chief executive officer owned 764,131 shares in the company, valued at approximately $29,441,967.43. The trade was a 20.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,651,716 shares of company stock valued at $62,154,831 over the last quarter. Corporate insiders own 4.10% of the company's stock.

Waystar Stock Up 1.6%

WAY traded up $0.56 during midday trading on Friday, reaching $36.08. 1,408,887 shares of the company were exchanged, compared to its average volume of 1,773,052. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.43 and a current ratio of 3.43. The company's fifty day moving average price is $37.43 and its 200 day moving average price is $38.60. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 75.17, a price-to-earnings-growth ratio of 0.65 and a beta of 0.79. Waystar Holding Corp. has a one year low of $24.94 and a one year high of $48.11.

Waystar (NASDAQ:WAY - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The company had revenue of $270.65 million during 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%. Waystar's quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. As a group, analysts expect that Waystar Holding Corp. will post 0.39 EPS for the current year.

Waystar Company Profile

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