Waystar Holding Corp. $WAY Shares Bought by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC has significantly increased its stake in Waystar Holding Corp. by 75.3%, acquiring an additional 574,295 shares and bringing its total holdings to approximately 1.34 million shares valued at nearly $50 million.
• Analysts are bullish on Waystar, with a consensus rating of "Buy" and various target prices ranging from $43.25 to $51.00 set by multiple research firms.
• CEO Matthew J. Hawkins sold 46,667 shares recently at an average price of $34.66, representing a 5.76% decrease in his ownership, while insiders have sold a total of 1,651,716 shares in the past ninety days.

Lord Abbett & CO. LLC lifted its holdings in shares of Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 75.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,336,875 shares of the company's stock after buying an additional 574,295 shares during the period. Lord Abbett & CO. LLC owned about 0.77% of Waystar worth $49,945,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Waystar by 62.1% in 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 period. ArrowMark Colorado Holdings LLC grew its holdings in shares of Waystar by 2.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 3,482,238 shares of the company's stock worth $127,798,000 after acquiring an additional 79,944 shares during the period. Invesco Ltd. grew its holdings in shares of Waystar by 9,107.1% in the 1st quarter. Invesco Ltd. now owns 2,040,285 shares of the company's stock worth $76,225,000 after acquiring an additional 2,018,125 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Waystar in the 4th quarter worth approximately $56,804,000. Finally, Farallon Capital Management LLC acquired a new stake in shares of Waystar in the 4th quarter worth approximately $49,251,000.

Insider Activity at Waystar

In related news, CEO Matthew J. Hawkins sold 46,667 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $34.66, for a total value of $1,617,478.22. Following the completion of the sale, the chief executive officer directly owned 764,131 shares in the company, valued at approximately $26,484,780.46. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric L. (Ric) Sinclair III sold 9,702 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $37.10, for a total transaction of $359,944.20. Following the completion of the sale, the insider owned 490,870 shares of the company's stock, valued at approximately $18,211,277. The trade was 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 1,651,716 shares of company stock valued at $62,154,831 in the last ninety days. 4.10% of the stock is owned by company insiders.

Analyst Ratings Changes

WAY has been the topic of a number of research reports. Truist Financial upped their price target on Waystar from $50.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Mizuho initiated coverage on shares of Waystar in a research report on Monday, June 30th. They set an "outperform" rating and a $48.00 target price for the company. Citigroup initiated coverage on shares of Waystar in a research report on Wednesday, June 25th. They set a "buy" rating and a $45.00 target price for the company. Canaccord Genuity Group cut their target price on shares of Waystar from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, TD Cowen upgraded shares of Waystar to a "strong-buy" rating in a research report on Thursday, June 5th. Eleven analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Waystar currently has an average rating of "Buy" and a consensus price target of $43.25.

Waystar Trading Up 0.6%

Shares of NASDAQ:WAY traded up $0.20 during trading on Monday, reaching $36.28. The stock had a trading volume of 946,167 shares, compared to its average volume of 1,851,249. The business has a fifty day moving average price of $37.43 and a 200-day moving average price of $38.57. The company has a quick ratio of 3.43, a current ratio of 3.43 and a debt-to-equity ratio of 0.39. The stock has a market cap of $6.32 billion, a P/E ratio of 75.58, a PEG ratio of 0.66 and a beta of 0.79. Waystar Holding Corp. has a fifty-two week low of $25.65 and a fifty-two week high of $48.11.

Waystar (NASDAQ:WAY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $255.26 million. During the same quarter in the previous year, the business posted $0.04 earnings per share. The company's revenue was up 15.4% on a year-over-year basis. As a group, analysts anticipate that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Waystar Profile

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