Victory Capital Management Inc. Purchases 112,179 Shares of Waystar Holding Corp. (NASDAQ:WAY)

Key Points

• Victory Capital Management Inc. significantly increased its stake in Waystar Holding Corp. by 170.4%, owning 178,024 shares valued at approximately $6.65 million.
• Waystar's quarterly earnings ended with earnings per share of $0.32 and revenue of $256.44 million, exceeding analyst expectations.
• Major shareholder Canada Pension Plan Investment sold over 4 million shares, resulting in a decrease of 13.85% in their ownership, indicating potential changes in insider sentiment.

Victory Capital Management Inc. increased its holdings in Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 170.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,024 shares of the company's stock after buying an additional 112,179 shares during the quarter. Victory Capital Management Inc. owned 0.10% of Waystar worth $6,651,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Waystar by 26.8% during the 4th quarter. Vanguard Group Inc. now owns 4,991,336 shares of the company's stock worth $183,182,000 after acquiring an additional 1,054,180 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Waystar by 2.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,482,238 shares of the company's stock valued at $127,798,000 after buying an additional 79,944 shares during the last quarter. Norges Bank bought a new stake in shares of Waystar during the fourth quarter valued at approximately $119,387,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Waystar during the fourth quarter valued at approximately $56,804,000. Finally, Farallon Capital Management LLC bought a new stake in shares of Waystar during the fourth quarter valued at approximately $49,251,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WAY shares. Canaccord Genuity Group reduced 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. TD Cowen upgraded shares of Waystar to a "strong-buy" rating in a research report on Thursday, June 5th. Mizuho began coverage on shares of Waystar in a report on Monday, June 30th. They issued an "outperform" rating and a $48.00 target price for the company. Truist Financial raised their target price on shares of Waystar from $50.00 to $51.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Finally, Citigroup began coverage on shares of Waystar in a report on Wednesday, June 25th. They issued a "buy" rating and a $45.00 target price for the company. Twelve research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $42.31.

Waystar Trading Down 0.2%

NASDAQ WAY traded down $0.07 on Tuesday, hitting $36.03. 189,950 shares of the stock were exchanged, compared to its average volume of 1,844,410. 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 stock has a fifty day moving average price of $38.61 and a two-hundred day moving average price of $38.90. The firm has a market capitalization of $6.27 billion and a P/E ratio of 402.40. Waystar Holding Corp. has a 52-week low of $20.74 and a 52-week high of $48.11.

Waystar (NASDAQ:WAY - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting 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. Waystar had a net margin of 2.67% and a return on equity of 3.10%. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. Research analysts forecast that Waystar Holding Corp. will post 0.39 EPS for the current fiscal year.

Insider Activity at Waystar

In related news, insider Eric L. (Ric) Sinclair III sold 9,702 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $37.10, for a total value of $359,944.20. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher L. Schremser sold 8,623 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $37.63, for a total transaction of $324,483.49. Following the completion of the transaction, the chief technology officer owned 438,044 shares of the company's stock, valued at $16,483,595.72. This represents a 1.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,778,726 shares of company stock valued at $328,889,968 over the last ninety days. Company insiders own 4.10% of the company's stock.

Waystar Profile

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