Victory Capital Management Inc. Boosts Stake in Waystar Holding Corp. (NASDAQ:WAY)

Victory Capital Management Inc. grew its stake in Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 170.4% in the first quarter, according to the company in its most recent Form 13F filing 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 period. Victory Capital Management Inc. owned 0.10% of Waystar worth $6,651,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Dakota Wealth Management raised its holdings in shares of Waystar by 365.6% in the first quarter. Dakota Wealth Management now owns 33,511 shares of the company's stock worth $1,252,000 after buying an additional 26,313 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Waystar by 63.3% in the first quarter. Arizona State Retirement System now owns 19,728 shares of the company's stock worth $737,000 after buying an additional 7,645 shares during the last quarter. Xponance Inc. purchased a new position in shares of Waystar in the first quarter worth $221,000. Cerity Partners LLC raised its holdings in shares of Waystar by 89.8% during the first quarter. Cerity Partners LLC now owns 87,844 shares of the company's stock worth $3,282,000 after purchasing an additional 41,565 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Waystar by 43.9% during the first quarter. Bank of New York Mellon Corp now owns 344,045 shares of the company's stock worth $12,854,000 after purchasing an additional 104,995 shares during the last quarter.

Waystar Stock Performance

WAY opened at $35.83 on Friday. The firm has a market capitalization of $6.24 billion and a PE ratio of 398.16. Waystar Holding Corp. has a twelve month low of $20.74 and a twelve month high of $48.11. The firm's 50-day moving average price is $38.68 and its 200 day moving average price is $38.89. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.39.

Waystar (NASDAQ:WAY - Get Free Report) last posted 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 for 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%. Waystar's revenue was up 14.1% compared to the same quarter last year. As a group, sell-side analysts expect that Waystar Holding Corp. will post 0.39 EPS for the current fiscal year.

Insider Activity

In other Waystar news, major shareholder Canada Pension Plan Investment sold 4,111,357 shares of Waystar stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $37.39, for a total transaction of $153,723,638.23. Following the transaction, the insider directly owned 25,580,929 shares of the company's stock, valued at $956,470,935.31. The trade was a 13.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric L. (Ric) Sinclair III sold 9,702 shares of Waystar stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $39.16, for a total transaction of $379,930.32. Following the transaction, the insider directly owned 490,870 shares in the company, valued at $19,222,469.20. This trade represents a 1.94% 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 in the last ninety days. 4.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Mizuho assumed coverage on shares of Waystar in a report on Monday, June 30th. They set an "outperform" rating and a $48.00 target price for the company. Truist Financial lifted their price objective on shares of Waystar from $50.00 to $51.00 and gave the company a "buy" rating in a report on Thursday, July 17th. TD Cowen raised shares of Waystar to a "strong-buy" rating in a report on Thursday, June 5th. Canaccord Genuity Group cut their price objective on shares of Waystar from $50.00 to $47.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Citigroup began coverage on shares of Waystar in a report on Wednesday, June 25th. They issued a "buy" rating and a $45.00 price objective for the company. Twelve equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $42.31.

About Waystar

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

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