Lord Abbett & CO. LLC Increases Stake in Weave Communications, Inc. (NYSE:WEAV)

Lord Abbett & CO. LLC raised its stake in shares of Weave Communications, Inc. (NYSE:WEAV - Free Report) by 26.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,100,179 shares of the company's stock after purchasing an additional 226,768 shares during the period. Lord Abbett & CO. LLC owned 1.51% of Weave Communications worth $17,515,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Weave Communications by 33.0% in the fourth quarter. Principal Financial Group Inc. now owns 119,351 shares of the company's stock valued at $1,900,000 after buying an additional 29,583 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Weave Communications by 13.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 144,677 shares of the company's stock worth $1,852,000 after purchasing an additional 17,530 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Weave Communications by 6.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,330 shares of the company's stock worth $7,392,000 after purchasing an additional 29,231 shares during the period. Geode Capital Management LLC boosted its stake in shares of Weave Communications by 13.0% in the 3rd quarter. Geode Capital Management LLC now owns 883,207 shares of the company's stock valued at $11,308,000 after purchasing an additional 101,580 shares during the last quarter. Finally, Amundi acquired a new stake in shares of Weave Communications during the fourth quarter worth $66,000. 86.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WEAV. Stifel Nicolaus dropped their target price on shares of Weave Communications from $20.00 to $16.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Piper Sandler lowered their target price on Weave Communications from $17.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Raymond James reduced their price objective on shares of Weave Communications from $20.00 to $17.00 and set a "strong-buy" rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Weave Communications presently has an average rating of "Buy" and a consensus price target of $15.90.

Insider Buying and Selling

In other Weave Communications news, Director Blake G. Modersitzki sold 5,485 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $17.45, for a total transaction of $95,713.25. Following the sale, the director now directly owns 188,441 shares in the company, valued at approximately $3,288,295.45. This trade represents a 2.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Branden Neish sold 20,232 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $10.23, for a total transaction of $206,973.36. Following the sale, the insider now owns 526,011 shares of the company's stock, valued at approximately $5,381,092.53. This represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 449,265 shares of company stock worth $5,781,607 in the last ninety days. 18.40% of the stock is owned by insiders.

Weave Communications Stock Performance

Shares of Weave Communications stock traded up $0.22 on Friday, reaching $10.90. 201,879 shares of the company traded hands, compared to its average volume of 727,831. The company has a 50 day moving average of $10.78 and a 200 day moving average of $13.61. Weave Communications, Inc. has a 52 week low of $8.10 and a 52 week high of $17.63. The firm has a market capitalization of $816.41 million, a PE ratio of -27.99 and a beta of 1.97. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.59 and a quick ratio of 1.59.

Weave Communications (NYSE:WEAV - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.12). The company had revenue of $54.17 million during the quarter, compared to the consensus estimate of $53.23 million. Weave Communications had a negative return on equity of 28.37% and a negative net margin of 13.87%. Equities analysts forecast that Weave Communications, Inc. will post -0.33 earnings per share for the current year.

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.