Waystar (NASDAQ:WAY) Price Target Raised to $34.00

Waystar (NASDAQ:WAY) had its target price raised by Canaccord Genuity Group from $33.00 to $34.00 in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Several other research firms also recently weighed in on WAY. Citigroup restated a “buy” rating on shares of Waystar in a research note on Monday, July 20th. Truist Financial lowered their price objective on Waystar from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price objective on shares of Waystar in a research note on Wednesday, September 16th. Wolfe Research raised Waystar to an “outperform” rating in a report on Thursday, August 13th. Finally, Barclays cut Waystar from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $27.00 to $30.00 in a research note on Tuesday, September 15th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.23.

Waystar Trading Down 2.7%

Shares of NASDAQ WAY opened at $28.88 on Tuesday. Waystar has a 1 year low of $17.26 and a 1 year high of $37.51. The stock has a market cap of $5.56 billion, a P/E ratio of 41.86, a price-to-earnings-growth ratio of 1.20 and a beta of 0.11. The firm has a 50-day moving average of $26.48 and a 200 day moving average of $23.95. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.10 and a quick ratio of 1.85.

Waystar (NASDAQ:WAY) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. Waystar had a net margin of 10.70% and a return on equity of 6.91%. The business had revenue of $325.62 million for the quarter, compared to analysts’ expectations of $323.43 million. During the same quarter in the prior year, the company earned $0.37 earnings per share. The business’s revenue was up 21.2% compared to the same quarter last year. As a group, sell-side analysts expect that Waystar will post 1.47 EPS for the current fiscal year.

Insider Activity at Waystar

In other news, CEO Matthew Hawkins sold 82,500 shares of the business’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $26.23, for a total value of $2,163,975.00. Following the completion of the transaction, the chief executive officer owned 1,804,794 shares in the company, valued at $47,339,746.62. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 247,500 shares of company stock valued at $6,370,499. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Waystar

Large investors have recently bought and sold shares of the business. Fifth Third Bancorp increased its holdings in Waystar by 21.5% in the 3rd quarter. Fifth Third Bancorp now owns 30,580 shares of the company’s stock worth $775,000 after acquiring an additional 5,417 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in Waystar by 60.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 26,874 shares of the company’s stock worth $681,000 after acquiring an additional 10,085 shares during the period. Silver Grove Financial Group Inc. lifted its holdings in Waystar by 48.4% during the third quarter. Silver Grove Financial Group Inc. now owns 1,589 shares of the company’s stock valued at $40,000 after purchasing an additional 518 shares in the last quarter. Fulcrum Asset Management LLP lifted its holdings in Waystar by 7,582.0% during the third quarter. Fulcrum Asset Management LLP now owns 13,674 shares of the company’s stock valued at $343,000 after purchasing an additional 13,496 shares in the last quarter. Finally, Hohimer Wealth Management LLC lifted its holdings in Waystar by 6.7% during the third quarter. Hohimer Wealth Management LLC now owns 11,293 shares of the company’s stock valued at $286,000 after purchasing an additional 709 shares in the last quarter.

Waystar Company Profile

Waystar Holding Corp. is a healthcare technology company that provides cloud-based software designed to simplify administrative and financial processes across the healthcare industry. Its platform connects healthcare providers, health plans and patients, helping organizations manage revenue cycle operations and improve the flow of information and payments.

The company’s products and services include electronic claims management, eligibility and benefits verification, prior authorization, payment integrity, denial management, patient estimates and payments, billing automation, and healthcare analytics.