In a recent transaction, Neish Branden, the Chief Product and Technology Officer of Weave Communications, Inc. (NYSE:WEAV), sold 2,889 shares of the company's common stock. The transaction, which took place on December 12, 2024, was executed under a Rule 10b5-1 sales plan adopted earlier this year on March 6. The shares were sold at a volume-weighted average price of $15.78, with actual sale prices ranging from $15.70 to $15.88. This sale occurred as the stock trades near its 52-week high of $15.93, following an impressive 72% gain over the past six months. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 8 additional key insights available to subscribers. Following this sale, Branden retains ownership of 523,142 shares in the company. With a market capitalization of $1.09 billion, Weave Communications has shown strong momentum, delivering a 43% return over the past year. Get comprehensive insider trading analysis and detailed Fair Value calculations with a InvestingPro subscription, which includes access to the full Pro Research Report for WEAV and 1,400+ other stocks.
In other recent news, Weave Communications has reported significant growth in its third-quarter 2024 earnings. The company revealed a notable year-over-year revenue increase to $52.4 million, exceeding the expected guidance by $1.2 million. This robust financial performance also marked a milestone for Weave with its first positive non-GAAP operating income of $1.4 million. The company's growth is attributed to its advanced platform features, strategic partnerships, and an expanded market presence.
Additionally, Piper Sandler confirmed its Overweight rating on Weave Communications with a steady price target of $17. The firm's endorsement comes after meetings with Weave's top executives and expresses confidence in the company's strategic direction, including plans for new products, partnerships, and payment solutions.
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 anticipates Q4 2024 revenue to be in the range of $52.6 million to $53.6 million and 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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