Raymond James Financial Cuts Weave Communications (NYSE:WEAV) Price Target to $15.00

Key Points

• Raymond James Financial has reduced the price target for Weave Communications from $17.00 to $15.00, indicating a potential upside of 118.02% from the current trading price.
• The company reported a quarterly earnings miss with an EPS of ($0.11), compared to the consensus estimate of $0.01, despite achieving revenues of $55.81 million.
• Insider trading activity has shown significant sales, with the CEO and other executives reducing their holdings, reflecting a 3.38% and 2.58% decrease in their ownership respectively.

Weave Communications (NYSE:WEAV - Get Free Report) had its price target cut by stock analysts at Raymond James Financial from $17.00 to $15.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the stock. Raymond James Financial's price objective would indicate a potential upside of 109.06% from the stock's previous close.

Other analysts have also issued research reports about the company. Stifel Nicolaus decreased their price objective on Weave Communications from $20.00 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Piper Sandler lifted their price objective on Weave Communications from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. One equities research 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $15.10.

Weave Communications Stock Performance

Shares of Weave Communications stock traded up $0.02 during trading hours on Friday, hitting $7.18. 805,091 shares of the company were exchanged, compared to its average volume of 921,438. Weave Communications has a 1 year low of $6.75 and a 1 year high of $17.63. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average of $8.45 and a 200-day moving average of $10.95. The stock has a market capitalization of $539.42 million, a price-to-earnings ratio of -17.94 and a beta of 1.74.

Weave Communications (NYSE:WEAV - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.12). The business had revenue of $55.81 million during the quarter, compared to analysts' expectations of $54.72 million. Weave Communications had a negative return on equity of 42.20% and a negative net margin of 13.64%. As a group, analysts expect that Weave Communications will post -0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brett T. White sold 53,111 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $8.59, for a total transaction of $456,223.49. Following the completion of the sale, the chief executive officer owned 2,004,136 shares in the company, valued at approximately $17,215,528.24. This represents a 2.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Erin Goodsell sold 7,472 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $8.59, for a total value of $64,184.48. Following the transaction, the insider directly owned 584,657 shares of the company's stock, valued at $5,022,203.63. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,294 shares of company stock valued at $739,723 over the last ninety days. Corporate insiders own 18.40% of the company's stock.

Hedge Funds Weigh In On Weave Communications

Several large investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in Weave Communications during the 1st quarter worth approximately $29,000. Aquatic Capital Management LLC bought a new position in Weave Communications during the fourth quarter worth about $34,000. a16z Perennial Management L.P. bought a new position in Weave Communications during the first quarter worth about $36,000. Amundi lifted its holdings in Weave Communications by 27.1% during the 1st quarter. Amundi now owns 5,301 shares of the company's stock worth $59,000 after purchasing an additional 1,130 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its holdings in Weave Communications by 28.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,143 shares of the company's stock worth $66,000 after purchasing an additional 928 shares during the last quarter. Institutional investors and hedge funds own 86.83% of the company's stock.

Weave Communications Company Profile

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.