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LEHI, Utah—Weave Communications, Inc. (NYSE:WEAV), a $1.13 billion market cap company whose stock is trading near its 52-week high of $16.32, saw its Chief Financial Officer Alan Taylor recently disclose the sale of company shares valued at $224,782. According to a filing with the Securities and Exchange Commission, Taylor sold a total of 13,936 shares in two separate transactions on December 17 and December 18.
The first transaction involved the sale of 1,892 shares at a volume-weighted average price of $16.00, with actual prices ranging from $16 to $16.02. The second transaction consisted of 12,044 shares sold at an average price of $16.15, with prices ranging from $16 to $16.31. Both sales were conducted under a Rule 10b5-1 trading plan that Taylor adopted on June 7, 2024. InvestingPro analysis shows the stock has gained over 75% in the past six months, with analysts setting price targets between $14.50 and $20.00.
Following these transactions, Taylor retains direct ownership of 287,798 shares of Weave Communications. According to InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ US stocks, the company appears overvalued at current levels, with 8 additional exclusive ProTips available for subscribers.
In other recent news, Weave Communications Inc has been a focal point for investors following its announcement of a significant year-over-year revenue increase to $52.4 million in the third quarter of 2024. This surpassed expected guidance by $1.2 million and marked the company's first positive non-GAAP operating income of $1.4 million. Piper Sandler, after its meetings with Weave's top executives, maintained an Overweight rating on the company with a steady price target of $17.00, citing Weave's strategic direction, new products, partnerships, and payment solutions as catalysts for future growth.
The company's gross margin improved to 72.5%, continuing an 11-quarter streak of growth, and the net revenue retention rate increased to 98%. Weave also reported a strong cash and short-term investments position of $98.2 million. Looking forward, the company raised its 2024 revenue guidance to between $202.7 million and $203.7 million and expects continued positive non-GAAP operating income.
Weave anticipates Q4 2024 revenue to be in the range of $52.6 million to $53.6 million and has plans to expand from four to potentially over 20 subverticals in the coming years. These recent developments underscore Weave's commitment to growth and operational efficiency.
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