Fred Alger Management LLC Sells 53,439 Shares of Waystar Holding Corp. (NASDAQ:WAY)

Fred Alger Management LLC reduced its holdings in Waystar Holding Corp. (NASDAQ:WAY - Free Report) by 68.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,348 shares of the company's stock after selling 53,439 shares during the quarter. Fred Alger Management LLC's holdings in Waystar were worth $679,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Canada Pension Plan Investment Board bought a new position in shares of Waystar in the second quarter valued at $800,003,000. Deerfield Management Company L.P. Series C acquired a new position in shares of Waystar in the 2nd quarter worth $106,468,000. TPG GP A LLC acquired a new stake in shares of Waystar during the second quarter worth $85,910,000. American Century Companies Inc. purchased a new stake in shares of Waystar during the second quarter valued at $28,357,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Waystar in the 2nd quarter valued at $27,950,000.

Waystar Price Performance

Shares of WAY remained flat at $30.88 during mid-day trading on Monday. 1,428,868 shares of the stock traded hands, compared to its average volume of 894,575. The company has a current ratio of 2.29, a quick ratio of 2.29 and a debt-to-equity ratio of 0.40. Waystar Holding Corp. has a 52 week low of $20.26 and a 52 week high of $33.25. The firm's fifty day simple moving average is $28.86.

Waystar (NASDAQ:WAY - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.03. The company had revenue of $240.10 million for the quarter, compared to the consensus estimate of $223.82 million. The business's quarterly revenue was up 21.7% compared to the same quarter last year. As a group, research analysts predict that Waystar Holding Corp. will post 0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on WAY. Deutsche Bank Aktiengesellschaft boosted their price objective on Waystar from $27.00 to $31.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Royal Bank of Canada raised their price objective on shares of Waystar from $31.00 to $34.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. increased their target price on Waystar from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, August 19th. Canaccord Genuity Group upped their price target on Waystar from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group upped their target price on Waystar from $34.00 to $39.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $32.90.

Waystar Company Profile

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