AGF Management Ltd. Raises Stock 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. lifted its stake in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 8.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 229,874 shares of the company's stock after acquiring an additional 17,947 shares during the quarter. AGF Management Ltd. owned 0.13% of Waystar worth $8,588,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Burkehill Global Management LP grew its stake in shares of Waystar by 38.5% during the first quarter. Burkehill Global Management LP now owns 900,000 shares of the company's stock worth $33,624,000 after purchasing an additional 250,000 shares in the last quarter. Nuveen LLC acquired a new position in shares of Waystar during the first quarter worth $20,520,000. Entropy Technologies LP grew its stake in shares of Waystar by 163.9% during the first quarter. Entropy Technologies LP now owns 20,777 shares of the company's stock worth $776,000 after purchasing an additional 12,903 shares in the last quarter. Invesco Ltd. grew its stake in shares of Waystar by 9,107.1% during the first quarter. Invesco Ltd. now owns 2,040,285 shares of the company's stock worth $76,225,000 after purchasing an additional 2,018,125 shares in the last quarter. Finally, Keystone Investors PTE Ltd. acquired a new position in shares of Waystar during the first quarter worth $852,000.

Analyst Ratings Changes

A number of brokerages recently commented on WAY. Truist Financial boosted their target price on shares of Waystar from $50.00 to $51.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Canaccord Genuity Group lowered their target price on shares of Waystar from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. TD Cowen upgraded shares of Waystar to a "strong-buy" rating in a research note on Thursday, June 5th. Citigroup assumed coverage on shares of Waystar in a research note on Wednesday, June 25th. They issued a "buy" rating and a $45.00 price objective for the company. Finally, Mizuho assumed coverage on shares of Waystar in a research note on Monday, June 30th. They issued an "outperform" rating and a $48.00 price objective for the company. Twelve analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Waystar has a consensus rating of "Buy" and an average price target of $42.31.

Insider Buying and Selling at Waystar

In other news, CEO Matthew J. Hawkins sold 46,667 shares of the stock in a transaction dated 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 in the company, valued at approximately $26,484,780.46. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric L. (Ric) Sinclair III sold 9,702 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $37.10, for a total transaction of $359,944.20. Following the transaction, the insider directly owned 490,870 shares of the company's stock, valued at $18,211,277. This represents a 1.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,775,326 shares of company stock worth $328,506,609 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

Waystar Stock Performance

Shares of WAY traded up $0.17 during mid-day trading on Thursday, hitting $35.52. 1,268,987 shares of the company's stock were exchanged, compared to its average volume of 1,859,999. Waystar Holding Corp. has a fifty-two week low of $24.57 and a fifty-two week high of $48.11. The firm has a market capitalization of $6.19 billion, a P/E ratio of 74.00, a P/E/G ratio of 0.63 and a beta of 0.79. The business's 50 day moving average is $37.63 and its two-hundred day moving average is $38.66. The company has a current ratio of 3.43, a quick ratio of 3.43 and a debt-to-equity ratio of 0.39.

Waystar (NASDAQ:WAY - Get Free Report) last announced 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. Waystar had a net margin of 8.50% and a return on equity of 5.65%. The business had revenue of $270.65 million during the quarter, compared to the consensus estimate of $255.26 million. During the same quarter in the prior year, the firm earned $0.04 earnings per share. The business's quarterly revenue was up 15.4% compared to the same quarter last year. On average, equities analysts expect that Waystar Holding Corp. will post 0.39 earnings per share for the current year.

Waystar Profile

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