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

Lord Abbett & CO. LLC grew its position in shares of Weave Communications, Inc. (NYSE:WEAV) by 37.7% during the third quarter, Holdings Channel reports. The fund owned 873,411 shares of the company’s stock after purchasing an additional 239,202 shares during the period. Lord Abbett & CO. LLC’s holdings in Weave Communications were worth $11,180,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in WEAV. Charles Schwab Investment Management Inc. lifted its position in Weave Communications by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 435,099 shares of the company’s stock valued at $5,569,000 after acquiring an additional 45,475 shares during the period. Renaissance Technologies LLC increased its stake in shares of Weave Communications by 17.8% during the second quarter. Renaissance Technologies LLC now owns 593,500 shares of the company’s stock valued at $5,353,000 after purchasing an additional 89,600 shares in the last quarter. XTX Topco Ltd lifted its holdings in shares of Weave Communications by 429.2% during the third quarter. XTX Topco Ltd now owns 56,016 shares of the company’s stock valued at $717,000 after purchasing an additional 45,430 shares during the last quarter. Summit Global Investments bought a new stake in shares of Weave Communications in the 3rd quarter worth approximately $460,000. Finally, Pathway Capital Management LP purchased a new stake in shares of Weave Communications in the 3rd quarter worth approximately $7,308,000. Institutional investors own 86.83% of the company’s stock.

Insider Activity

In related news, Director Blake G. Modersitzki sold 15,718 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $13.49, for a total transaction of $212,035.82. Following the completion of the sale, the director now owns 303,935 shares in the company, valued at approximately $4,100,083.15. This represents a 4.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Taylor sold 4,296 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $13.05, for a total value of $56,062.80. Following the completion of the transaction, the chief financial officer now directly owns 446,841 shares in the company, valued at approximately $5,831,275.05. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,158 shares of company stock valued at $16,128,886 in the last 90 days. 36.30% of the stock is currently owned by insiders.

Weave Communications Trading Up 3.2 %

Weave Communications stock opened at $15.95 on Tuesday. Weave Communications, Inc. has a one year low of $8.10 and a one year high of $16.16. The business’s fifty day moving average is $13.83 and its 200 day moving average is $11.51. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.59 and a quick ratio of 1.59. The stock has a market capitalization of $1.16 billion, a PE ratio of -39.88 and a beta of 2.00.

Analyst Ratings Changes

Several equities research analysts have commented on the company. The Goldman Sachs Group boosted their target price on Weave Communications from $13.00 to $14.50 and gave the stock a “neutral” rating in a report on Friday, November 1st. Piper Sandler upped their price target on shares of Weave Communications from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Loop Capital raised their price objective on shares of Weave Communications from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $16.50.

Weave Communications 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.