Neish Branden, Chief Product & Technology Officer at Weave Communications, Inc. (NYSE:WEAV), recently sold 7,111 shares of the company's common stock. The shares were sold on December 16, 2024, at a volume-weighted average price of $15.95, resulting in a total transaction value of $113,420.
Following this transaction, Branden retains direct ownership of 512,122 shares. The sale was conducted under a Rule 10b5-1 sales plan, which Branden had adopted on March 6, 2024. The sale price ranged from $15.70 to $16.14 per share, according to the Form 4 filing with the Securities and Exchange Commission. InvestingPro analysis indicates the stock has exhibited volatile price movements, with additional insights available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.
In other recent news, Weave Communications has been making significant strides in its financial performance. The company reported a substantial year-over-year revenue increase to $52.4 million in its third quarter of 2024, surpassing the expected guidance by $1.2 million. This robust financial performance also marked a milestone for the company with its first positive non-GAAP operating income of $1.4 million.
Following this, Piper Sandler has maintained its Overweight rating on Weave Communications with a steady price target of $17.00. The firm's endorsement comes after meetings with Weave's top executives and is backed by the company's new leadership team, which aims to establish a sustainable growth model with over 20% top-line growth.
Weave's strategic direction, which includes plans for new products, partnerships, and payment solutions, has led to a positive outlook from Piper Sandler. The firm encourages small-cap growth investors to consider increasing their holdings in Weave Communications.
In further developments, 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 developments underscore Weave's commitment to growth and operational efficiency.
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