Lord Abbett & CO. LLC Invests $27.99 Million in Waystar Holding Corp. (NASDAQ:WAY)

Lord Abbett & CO. LLC acquired a new stake in Waystar Holding Corp. (NASDAQ:WAY - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 762,580 shares of the company's stock, valued at approximately $27,987,000. Lord Abbett & CO. LLC owned about 0.44% of Waystar at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in WAY. Norges Bank bought a new position in shares of Waystar in the fourth quarter valued at about $119,387,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Waystar during the fourth quarter valued at approximately $56,804,000. Vanguard Group Inc. grew its stake in shares of 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. Burkehill Global Management LP bought a new stake in Waystar during the 4th quarter worth approximately $23,855,000. Finally, Avenir Corp lifted its stake in Waystar by 205.3% during the fourth quarter. Avenir Corp now owns 590,244 shares of the company's stock worth $21,662,000 after purchasing an additional 396,911 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on WAY shares. The Goldman Sachs Group increased their price target on shares of Waystar from $44.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Canaccord Genuity Group cut 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. Barclays dropped their price objective on shares of Waystar from $50.00 to $45.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Jefferies Financial Group began coverage on Waystar in a research note on Tuesday, February 11th. They set a "buy" rating and a $51.00 price objective for the company. Finally, Bank of America upped their target price on shares of Waystar from $36.00 to $43.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $40.08.

Insiders Place Their Bets

In related news, Director Paul G. Moskowitz sold 5,652,689 shares of Waystar stock in a transaction on Monday, February 24th. The shares were sold at an average price of $38.60, for a total value of $218,193,795.40. Following the completion of the sale, the director now owns 22,327,728 shares in the company, valued at approximately $861,850,300.80. The trade was a 20.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Melissa F. (Missy) Miller sold 3,400 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $42.15, for a total transaction of $143,310.00. Following the transaction, the chief marketing officer now directly owns 43,478 shares in the company, valued at approximately $1,832,597.70. The trade was a 7.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,411,461 shares of company stock valued at $528,743,995 over the last 90 days.

Waystar Stock Performance

Shares of Waystar stock traded up $1.39 during trading hours on Friday, hitting $40.85. 1,012,968 shares of the company's stock traded hands, compared to its average volume of 1,389,717. Waystar Holding Corp. has a 12-month low of $20.26 and a 12-month high of $48.11. The company has a current ratio of 2.55, a quick ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $37.79 and a 200-day simple moving average of $35.93.

Waystar (NASDAQ:WAY - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $256.44 million during the quarter, compared to the consensus estimate of $248.47 million. The company's quarterly revenue was up 14.1% compared to the same quarter last year. As a group, analysts anticipate that Waystar Holding Corp. will post 0.39 earnings per share for the current fiscal year.

Waystar Company Profile

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