Alan Taylor, Chief Financial Officer of Weave Communications, Inc. (NYSE:WEAV), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions that took place on January 13 and 14 included the sale of a total of 1,590 shares.
On January 13, Taylor sold 794 shares at $15.33 each, for a total of $12,172. The next day, he sold an additional 796 shares at $15.46 per share, for a total of $12,306. These sales were made as part of a previously established Rule 10b5-1 plan, which Taylor adopted on June 7, 2024. Although the company is not currently profitable, InvestingPro data indicates that analysts expect Weave to reach profitability this year, with 6 analysts recently revising their earnings estimates upwards. Access 8 more exclusive InvestingPro tips and extensive analysis via the Pro Research Report.
After these transactions, Taylor holds 281,926 shares of Weave Communications stock. The first sale on January 13 was made to cover taxes after the issuance and settlement of restricted stock units. The company, which is now valued at $1.13 billion, maintains a strong gross profit margin of 71%.
“In other recent news, Weave Communications reported strong growth in the third quarter of 2024, with a significant year-over-year increase in revenue to $52.4 million, beating expected guidance by $1.2 million. This strong financial performance also marked a milestone for the company with its first positive operating income of $1.4 million attributed to advanced platform features, strategic partnerships and expanded market Weave’s gross margin increased to 72.5%, maintaining an 11-quarter streak Net income retention rate increased to 98%, reflecting improved operating cash balance and short-term investments of $98.2 million Looking ahead, Weave raised its revenue guidance for 2024 $202.7 million and $203.7 million and expects continued positive non-GAAP operating income.Piper Sandler recently maintained its Overweight rating at Weave Communications, citing the company’s strategic direction, new products, partnerships and payment solutions as potential catalysts for the company’s performance. These recent developments underscore Weave’s commitment to growth and operational efficiency.”
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