Weave Communications (NYSE:WEAV) Hits New 1-Year High – Still a Buy?

Weave Communications, Inc. (NYSE:WEAV)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $16.56 and last traded at $16.19, with a volume of 1189801 shares trading hands. The stock had previously closed at $16.12.

Wall Street Analyst Weigh In

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

Weave Communications Stock Performance

The company has a 50-day moving average price of $14.10 and a two-hundred day moving average price of $11.77. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $1.18 billion, a P/E ratio of -40.48 and a beta of 2.00.

Insider Buying and Selling

In related news, CFO Alan Taylor sold 4,182 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $16.03, for a total value of $67,037.46. Following the transaction, the chief financial officer now owns 283,516 shares of the company’s stock, valued at $4,544,761.48. This represents a 1.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Branden Neish sold 7,111 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.95, for a total transaction of $113,420.45. Following the transaction, the insider now directly owns 512,122 shares in the company, valued at approximately $8,168,345.90. This represents a 1.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,175,291 shares of company stock valued at $17,043,781. Company insiders own 36.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James & Associates lifted its position in Weave Communications by 102.2% during 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 during the period. Bank of New York Mellon Corp lifted its stake in shares of 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 worth $1,017,000 after purchasing an additional 26,953 shares during the period. Bailard Inc. purchased a new stake in shares of Weave Communications in the 2nd quarter worth $851,000. Allspring Global Investments Holdings LLC bought a new position in shares of Weave Communications in the second quarter worth about $145,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Weave Communications by 48.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,955 shares of the company’s stock worth $90,000 after purchasing an additional 3,228 shares during the period. Institutional investors own 86.83% of the company’s stock.

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.