Azzad Asset Management Inc. ADV Purchases New Position in Waystar Holding Corp. (NASDAQ:WAY)

Azzad Asset Management Inc. ADV acquired a new position in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 21,990 shares of the company's stock, valued at approximately $822,000.

Several other institutional investors have also modified their holdings of WAY. Aubrey Capital Management Ltd raised its stake in Waystar by 11.8% during the 1st quarter. Aubrey Capital Management Ltd now owns 95,000 shares of the company's stock worth $3,549,000 after acquiring an additional 10,000 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Waystar during the first quarter worth about $378,000. MRA Advisory Group purchased a new stake in shares of Waystar in the 1st quarter valued at about $377,000. Rhumbline Advisers boosted its position in shares of Waystar by 88.1% in the 1st quarter. Rhumbline Advisers now owns 113,177 shares of the company's stock valued at $4,228,000 after purchasing an additional 53,021 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Waystar by 6,320.7% in the 1st quarter. GAMMA Investing LLC now owns 8,668 shares of the company's stock valued at $324,000 after purchasing an additional 8,533 shares during the period.

Wall Street Analyst Weigh In

WAY has been the topic of several research analyst reports. TD Cowen raised Waystar to a "strong-buy" rating in a research report on Thursday, June 5th. Barclays reduced their price target on shares of Waystar from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Canaccord Genuity Group lowered their price objective on shares of Waystar from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Truist Financial set a $50.00 price objective on shares of Waystar and gave the company a "buy" rating in a research note on Wednesday, May 7th. Finally, The Goldman Sachs Group increased their target price on shares of Waystar from $44.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Twelve investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Waystar presently has a consensus rating of "Buy" and a consensus price target of $40.50.

Insider Transactions at Waystar

In other news, CEO Matthew J. Hawkins sold 46,667 shares of the stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $36.36, for a total transaction of $1,696,812.12. Following the transaction, the chief executive officer now directly owns 500,000 shares in the company, valued at $18,180,000. This represents a 8.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Canada Pension Plan Investment sold 4,111,357 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $37.39, for a total value of $153,723,638.23. Following the sale, the insider now owns 25,580,929 shares of the company's stock, valued at approximately $956,470,935.31. The trade was a 13.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,664,620 shares of company stock valued at $324,520,903 in the last ninety days. Corporate insiders own 4.10% of the company's stock.

Waystar Stock Performance

NASDAQ:WAY traded down $0.19 during mid-day trading on Monday, reaching $38.74. The stock had a trading volume of 1,208,143 shares, compared to its average volume of 1,924,054. Waystar Holding Corp. has a twelve month low of $20.26 and a twelve month high of $48.11. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.29 and a current ratio of 2.55. The business has a 50 day simple moving average of $38.61 and a 200 day simple moving average of $38.25. The firm has a market capitalization of $6.70 billion and a price-to-earnings ratio of 430.44.

Waystar (NASDAQ:WAY - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.32 earnings per share for the quarter, hitting analysts' consensus estimates of $0.32. The firm had revenue of $256.44 million during the quarter, compared to analyst estimates of $248.47 million. The business's quarterly revenue was up 14.1% on a year-over-year basis. On average, analysts expect that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Waystar Company Profile

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