Weave Communications (NYSE:WEAV) Given New $15.00 Price Target at Raymond James Financial

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 objective dropped by analysts at Raymond James Financial from $17.00 to $15.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "strong-buy" rating on the stock. Raymond James Financial's target price indicates a potential upside of 118.02% from the stock's current price.

WEAV has been the topic of a number of other research reports. Piper Sandler upped their target price on Weave Communications from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Stifel Nicolaus cut their target price on Weave Communications from $20.00 to $16.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $15.70.

Weave Communications Price Performance

Shares of NYSE:WEAV traded down $0.42 during midday trading on Friday, hitting $6.88. The company had a trading volume of 228,709 shares, compared to its average volume of 906,202. Weave Communications has a twelve month low of $6.75 and a twelve month high of $17.63. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.60 and a quick ratio of 1.60. The stock has a market cap of $517.24 million, a price-to-earnings ratio of -16.83 and a beta of 1.76. The business's 50-day simple moving average is $8.55 and its 200-day simple moving average is $11.14.

Weave Communications (NYSE:WEAV - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.12). Weave Communications had a negative return on equity of 31.08% and a negative net margin of 14.07%. The firm had revenue of $55.81 million for the quarter, compared to analyst estimates of $54.72 million. On average, research analysts predict that Weave Communications will post -0.33 earnings per share for the current year.

Insider Activity at Weave Communications

In related news, CRO Joseph David Mcneil sold 14,302 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $8.53, for a total value of $121,996.06. Following the completion of the transaction, the executive owned 409,060 shares of the company's stock, valued at $3,489,281.80. This represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brett T. White sold 53,111 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $8.59, for a total transaction of $456,223.49. Following the sale, the chief executive officer directly owned 2,004,136 shares of the company's stock, valued at approximately $17,215,528.24. The trade was a 2.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,294 shares of company stock valued at $739,723. 18.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Weave Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Weave Communications by 5.8% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,903 shares of the company's stock worth $174,000 after purchasing an additional 597 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Weave Communications by 2.6% during the 4th quarter. MetLife Investment Management LLC now owns 24,387 shares of the company's stock worth $388,000 after acquiring an additional 620 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of 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 acquiring an additional 928 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Weave Communications by 4.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,461 shares of the company's stock worth $358,000 after acquiring an additional 988 shares during the period. Finally, Amundi increased its position 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 in the last quarter. 86.83% of the stock is owned by institutional investors.

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.

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