Weave Communications (NYSE:WEAV) Sets New 1-Year High – Here’s What Happened

Shares of Weave Communications, Inc. (NYSE:WEAV) reached a new 52-week high during trading on Thursday . The stock traded as high as $16.00 and last traded at $16.00, with a volume of 1294 shares changing hands. The stock had previously closed at $15.40.

Analysts Set New Price Targets

Several brokerages have issued reports on WEAV. Loop Capital raised their price objective on shares of Weave Communications from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. The Goldman Sachs Group raised their price target on Weave Communications from $13.00 to $14.50 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, Piper Sandler upped their price objective on Weave Communications from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $16.50.

Weave Communications Price Performance

The company has a market cap of $1.13 billion, a price-to-earnings ratio of -38.65 and a beta of 2.00. The company’s 50 day moving average price is $13.77 and its 200 day moving average price is $11.43. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.09.

Insider Activity at Weave Communications

In other Weave Communications news, CFO Alan Taylor sold 2,638 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $13.00, for a total value of $34,294.00. Following the completion of the sale, the chief financial officer now owns 421,847 shares of the company’s stock, valued at approximately $5,484,011. This trade represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Blake G. Modersitzki sold 92,930 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $15.47, for a total transaction of $1,437,627.10. Following the transaction, the director now directly owns 207,979 shares in the company, valued at approximately $3,217,435.13. This trade represents a 30.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,136,453 shares of company stock worth $16,275,529 over the last 90 days. Company insiders own 36.30% of the company’s stock.

Institutional Investors Weigh In On Weave Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its stake in Weave Communications by 6.6% in the 1st quarter. California State Teachers Retirement System now owns 34,685 shares of the company’s stock valued at $398,000 after purchasing an additional 2,152 shares in the last quarter. Raymond James & Associates increased its position in shares of Weave Communications by 102.2% in the second quarter. Raymond James & Associates now owns 140,015 shares of the company’s stock valued at $1,263,000 after buying an additional 70,771 shares in the last quarter. Crescent Grove Advisors LLC raised its stake in shares of Weave Communications by 223.1% during the 2nd quarter. Crescent Grove Advisors LLC now owns 63,930 shares of the company’s stock worth $577,000 after buying an additional 44,143 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Weave Communications by 31.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 112,804 shares of the company’s stock valued at $1,017,000 after acquiring an additional 26,953 shares during the last quarter. Finally, Bailard Inc. purchased a new position in Weave Communications during the 2nd quarter valued at about $851,000. 86.83% of the stock is currently owned by institutional investors and hedge funds.

About Weave Communications

Weave Communications, Inc provides a customer experience and payments software platform in the United States and Canada. Its platform enables small and medium-sized healthcare businesses to maximize the value of their patient interactions and minimize the time and effort spent on manual or mundane tasks.