CloudAlpha Capital Management Limited Hong Kong Buys New Holdings in Waystar Holding Corp. (NASDAQ:WAY)

Key Points

• CloudAlpha Capital Management Limited acquired 279,540 shares of Waystar Holding Corp., valued at approximately $10.4 million, making it the company's 20th biggest position with 0.8% of its portfolio.
• Waystar reported a quarterly revenue of $256.44 million, exceeding analysts' expectations, and its stock has an average price target of $42.31 with a majority of analyst ratings being "buy."
• Insider transactions included the sale of shares by CEO Matthew J. Hawkins and insider Eric L. Sinclair III, indicating company executives are liquidating portions of their holdings.

CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 279,540 shares of the company's stock, valued at approximately $10,444,000. Waystar accounts for 0.8% of CloudAlpha Capital Management Limited Hong Kong's holdings, making the stock its 20th biggest position. CloudAlpha Capital Management Limited Hong Kong owned about 0.16% of Waystar at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Gen Wealth Partners Inc bought a new stake in Waystar during the fourth quarter worth $92,000. Amalgamated Bank lifted its holdings in Waystar by 84.1% during the first quarter. Amalgamated Bank now owns 2,716 shares of the company's stock worth $101,000 after acquiring an additional 1,241 shares during the period. KBC Group NV bought a new stake in Waystar during the first quarter worth $109,000. RiverPark Advisors LLC lifted its holdings in Waystar by 25.5% during the fourth quarter. RiverPark Advisors LLC now owns 3,498 shares of the company's stock worth $128,000 after acquiring an additional 710 shares during the period. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in shares of Waystar in the first quarter valued at $212,000.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WAY. Truist Financial boosted their target price on Waystar from $50.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. TD Cowen upgraded Waystar to a "strong-buy" rating in a research note on Thursday, June 5th. Citigroup began coverage on Waystar in a research note on Wednesday, June 25th. They issued a "buy" rating and a $45.00 target price on the stock. Canaccord Genuity Group lowered their target price on Waystar from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Barclays lowered their target price on Waystar from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Twelve analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Waystar currently has a consensus rating of "Buy" and an average target price of $42.31.

Insider Transactions at Waystar

In other Waystar news, insider T. Craig Bridge sold 85,000 shares of Waystar stock in a transaction dated 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 completion of the sale, the insider owned 682,843 shares of the company's stock, valued at $25,326,646.87. The trade was a 11.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Hawkins sold 46,667 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $38.26, for a total value of $1,785,479.42. Following the sale, the chief executive officer owned 764,131 shares of the company's stock, valued at $29,235,652.06. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,778,726 shares of company stock worth $328,889,968. 4.10% of the stock is currently owned by company insiders.

Waystar Price Performance

Waystar stock traded down $0.13 during midday trading on Tuesday, hitting $35.96. 433,974 shares of the company's stock were exchanged, compared to its average volume of 1,845,769. Waystar Holding Corp. has a 52-week low of $20.74 and a 52-week high of $48.11. The stock has a 50-day moving average price of $38.61 and a two-hundred day moving average price of $38.90. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.12 and a current ratio of 3.12. The company has a market cap of $6.26 billion and a P/E ratio of 399.82.

Waystar (NASDAQ:WAY - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Waystar had a return on equity of 3.10% and a net margin of 2.67%. The firm had revenue of $256.44 million during the quarter, compared to analyst estimates of $248.47 million. The business's revenue for the quarter was up 14.1% on a year-over-year basis. On average, equities research analysts forecast that Waystar Holding Corp. will post 0.39 earnings per share 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.