Blake Modersitzki, a director at Weave Communications, Inc. (NYSE:WEAV), recently executed significant stock sales, according to a recent SEC filing. The transactions, completed through Pelion Ventures VI, L.P. and Pelion Ventures VI-A, L.P., involved the disposal of shares worth approximately $2.76 million. The sales were conducted at prices ranging from $14.52 to $15.01 per share in the $1.07 billion market cap company. According to InvestingPro data, WEAV is currently trading near its 52-week high of $15.23, with the stock showing notable volatility.
In addition to these transactions, Modersitzki also sold shares totaling $2.35 million at $14.32 per share. These sales were part of a Rule 10b5-1 trading plan adopted earlier this year. Following these transactions, Modersitzki maintains a substantial holding in Weave Communications through various investment funds, including Pelion Ventures VII, L.P. and Pelion Ventures VII-A, L.P. The company has demonstrated strong growth with revenue increasing by 20.54% over the last twelve months. For deeper insights into WEAV's valuation and growth prospects, access the comprehensive research report available on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
In other recent news, Weave Communications reported a significant year-over-year revenue increase in its third quarter of 2024, reaching $52.4 million and exceeding expected guidance by $1.2 million. This robust financial performance marked a company milestone 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.
Piper Sandler maintains an Overweight rating on Weave, with a steady price target of $17. The firm's confidence in Weave is supported by the company's new leadership team, which aims to establish a sustainable growth model with over 20% top-line growth. Piper Sandler's positive outlook is also based on Weave's strategic direction, which includes plans for new products, partnerships, and payment solutions, expected to serve as catalysts for the company's performance.
Looking ahead, 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 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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