Crosslink Capital Inc., a significant shareholder in Weave Communications, Inc. (NYSE:WEAV), recently sold shares worth approximately $2 million, according to a regulatory filing. The stock has shown remarkable momentum, surging 66.74% over the past six months and currently trading near its 52-week high of $14.71. The sales occurred over two days, with 42,000 shares sold on December 5 at a weighted average price of $14.03, and 100,000 shares sold on December 6 at a weighted average price of $14.29.
Following these transactions, Crosslink Capital retains ownership of 6,359,593 shares of Weave Communications. The shares were sold in multiple transactions within specified price ranges, as noted in the filing. Crosslink Capital, alongside related entities, advises various private investment funds and holds these securities indirectly for the benefit of their investors.
In other recent news, Weave Communications has been the talk of the town with its impressive growth in the third quarter of 2024. The company reported a significant year-over-year revenue increase to $52.4 million, surpassing the expected guidance by $1.2 million. This robust financial performance marked a milestone for Weave with its first positive non-GAAP operating income of $1.4 million.
Piper Sandler, a reputable financial firm, maintains its Overweight rating on Weave Communications with a steady price target of $17.00. The firm's confidence in Weave stems from the company's strategic direction, which includes plans for new products, partnerships, and payment solutions.
Weave's gross margin improved to 72.5%, continuing an 11-quarter streak of growth. The net revenue retention rate increased to 98%, with a gross revenue retention rate of 92%, demonstrating improved operational efficiency. The company also reported a strong cash and short-term investments position of $98.2 million.
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 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. This recent development underscores Weave's commitment to growth and operational efficiency.
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