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Blake G. Modersitzki, a director at Weave Communications , Inc. (NYSE:WEAV), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on January 24, 2025, involved the sale of a total of 1,500 shares at a price of $16.45 per share, amounting to approximately $24,675. The sale comes as WEAV trades near its 52-week high of $16.56, having posted an impressive 60% gain over the past six months. According to InvestingPro, analysts have set price targets ranging from $14.50 to $20.00 for the stock.
The sales were conducted under a Rule 10b5-1 trading plan, which was adopted on March 6, 2024, as noted in the filing. Following these transactions, Modersitzki, through various Pelion Ventures entities, continues to hold significant shares in the company. Specifically, after these sales, Pelion Ventures VI, L.P. holds 2,952,467 shares, while Pelion Ventures VI-A, L.P. retains 201,879 shares. Additionally, other holdings include 530,529 shares by Pelion Ventures VII, L.P., 109,323 shares by Pelion Ventures VII-A, L.P., and 59,592 shares by Pelion Ventures VII-Entrepreneurs Fund, L.P.
These transactions reflect Modersitzki’s ongoing involvement with Weave Communications, a company known for its prepackaged software services.
In other recent news, Weave Communications Inc has been the subject of positive attention from Piper Sandler, which maintained an Overweight rating on the company with a steady price target of $17.00. The endorsement came in the wake of meetings with top executives of Weave, including CEO Brett White and VP of Finance Jason Christiansen. Piper Sandler’s confidence in Weave is bolstered by the company’s new leadership team, strategic direction, and plans for new products, partnerships, and payment solutions.
The company’s financial performance in the third quarter of 2024 was also noteworthy, with a significant year-over-year revenue increase to $52.4 million, surpassing the expected guidance by $1.2 million. This marked a milestone for the company as it reported its first positive non-GAAP operating income of $1.4 million. The growth is attributed to advanced platform features, strategic partnerships, and an expanded market presence.
Weave’s gross margin improved to 72.5%, maintaining an 11-quarter streak of growth. The company also demonstrated improved operational efficiency with a net revenue retention rate increase to 98%. Looking forward, Weave raised its 2024 revenue guidance to between $202.7 million and $203.7 million, and expects continued positive non-GAAP operating income. The company also 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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