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Blake G. Modersitzki, a director at Weave Communications, Inc. (NYSE:WEAV), recently sold a substantial amount of the company's common stock. According to a recent SEC filing, Modersitzki disposed of a total of 84,764 shares on December 23, 2024, at a price of $16.49 per share. The transaction, carried out under a pre-established Rule 10b5-1 trading plan, amounted to approximately $1,397,758. The sale occurred as the stock trades near its 52-week high of $16.56, with InvestingPro data showing an impressive 80% gain over the past six months.
Following the sale, Modersitzki retains indirect ownership of 2,953,871 shares through Pelion Ventures VI, L.P., and 201,975 shares through Pelion Ventures VI-A, L.P. Additionally, other holdings include 530,529 shares via Pelion Ventures VII, L.P., 109,323 shares through Pelion Ventures VII-A, L.P., and 59,592 shares with Pelion Ventures VII-Entrepreneurs Fund, L.P.
These transactions highlight Modersitzki's ongoing involvement with Weave Communications through his roles in various Pelion Ventures entities, where he exercises voting and dispositive power over the shares.
In other recent news, Weave Communications has been making significant strides with robust financial results and strategic initiatives. The company reported a substantial year-over-year revenue increase to $52.4 million in the third quarter of 2024, exceeding expected guidance by $1.2 million. This growth was attributed to advanced platform features, strategic partnerships, and an expanded market presence. The company also marked a milestone with its first positive non-GAAP operating income of $1.4 million.
Piper Sandler maintains an Overweight rating on Weave, with a steady price target of $17, indicating their confidence in the company's future growth. This outlook is based on Weave's strategic direction, which includes plans for new products, partnerships, and payment solutions. The firm finds the current valuation of Weave, trading at 3.8 times its calendar year 2026 estimated enterprise value to sales (EV/S), to be particularly appealing.
In addition, 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 highlight Weave's commitment to growth and operational efficiency.
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