Alan Taylor, the Chief Financial Officer of Weave Communications, Inc. (NYSE:WEAV), recently sold shares of the company’s stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on January 13 and 14, involved the sale of a total of 1,590 shares.
On January 13, Taylor sold 794 shares at a price of $15.33 each, totaling $12,172. The following day, he sold an additional 796 shares at $15.46 per share, amounting to $12,306. These sales were conducted as part of a previously established Rule 10b5-1 plan, which Taylor adopted on June 7, 2024. While the company is not currently profitable, InvestingPro data shows that analysts expect Weave to achieve profitability this year, with 6 analysts recently revising their earnings estimates upward. Get access to 8 more exclusive InvestingPro Tips and comprehensive analysis through the Pro Research Report.
After these transactions, Taylor holds 281,926 shares of Weave Communications. The initial sale on January 13 was made to cover taxes due upon the release and settlement of restricted stock units. The company, now valued at $1.13 billion, maintains a strong gross profit margin of 71%.
"In other recent news, Weave Communications reported substantial growth in the third quarter of 2024, with a significant year-over-year revenue increase to $52.4 million, exceeding 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. The company's growth is attributed to its advanced platform features, strategic partnerships, and an expanded market presence. Weave's gross margin improved to 72.5%, maintaining 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 highlighted a strong cash and short-term investments position of $98.2 million. Looking forward, Weave raised its 2024 revenue guidance to between $202.7 million and $203.7 million and expects continued positive non-GAAP operating income. Piper Sandler recently maintained its Overweight rating on Weave Communications, citing the firm'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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