Smith Group Asset Management LLC Makes New Investment in Waystar Holding Corp. (NASDAQ:WAY)

Smith Group Asset Management LLC purchased a new stake in Waystar Holding Corp. (NASDAQ:WAY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,858 shares of the company's stock, valued at approximately $480,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in shares of Waystar in the fourth quarter valued at $25,000. Bank of New York Mellon Corp grew its holdings in Waystar by 103.7% during the fourth quarter. Bank of New York Mellon Corp now owns 239,050 shares of the company's stock valued at $8,773,000 after purchasing an additional 121,702 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Waystar by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 377,710 shares of the company's stock worth $13,862,000 after acquiring an additional 11,117 shares during the period. Victory Capital Management Inc. acquired a new position in Waystar during the 4th quarter worth $2,417,000. Finally, Smithfield Trust Co boosted its holdings in Waystar by 210.5% during the fourth quarter. Smithfield Trust Co now owns 7,560 shares of the company's stock valued at $277,000 after acquiring an additional 5,125 shares during the period.

Insider Transactions at Waystar

In related news, CTO Christopher L. Schremser sold 8,623 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $40.58, for a total transaction of $349,921.34. Following the transaction, the chief technology officer directly owned 438,044 shares of the company's stock, valued at approximately $17,775,825.52. The trade was a 1.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Hawkins sold 140,164 shares of Waystar stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $39.03, for a total transaction of $5,470,600.92. Following the transaction, the chief executive officer directly owned 764,131 shares of the company's stock, valued at approximately $29,824,032.93. This trade represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,684,024 shares of company stock valued at $325,277,756. Company insiders own 4.10% of the company's stock.

Waystar Stock Down 3.6%

Shares of NASDAQ:WAY traded down $1.47 during trading on Tuesday, hitting $39.40. 2,100,560 shares of the company were exchanged, compared to its average volume of 1,400,404. Waystar Holding Corp. has a fifty-two week low of $20.26 and a fifty-two week high of $48.11. The stock has a market cap of $6.82 billion and a price-to-earnings ratio of 437.83. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.39. The firm has a fifty day moving average price of $39.09 and a two-hundred day moving average price of $38.78.

Waystar (NASDAQ:WAY - Get Free Report) last posted 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 net margin of 2.67% and a return on equity of 3.10%. The firm had revenue of $256.44 million for the quarter, compared to analyst estimates of $248.47 million. Waystar's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on WAY shares. Truist Financial set a $50.00 target price on Waystar and gave the company a "buy" rating in a research note on Wednesday, May 7th. 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 note on Thursday, May 1st. Barclays dropped their target price on shares of Waystar from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. TD Cowen raised shares of Waystar to a "strong-buy" rating in a report on Thursday, June 5th. Finally, Citigroup assumed coverage on shares of Waystar in a report on Wednesday, June 25th. They set a "buy" rating and a $45.00 price objective on the stock. Fourteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Waystar currently has a consensus rating of "Buy" and an average target price of $41.36.

Waystar Profile

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