Lord Abbett & CO. LLC Buys 239,202 Shares of Weave Communications, Inc. (NYSE:WEAV)

Lord Abbett & CO. LLC grew its stake in shares of Weave Communications, Inc. (NYSE:WEAV) by 37.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 873,411 shares of the company’s stock after buying an additional 239,202 shares during the period. Lord Abbett & CO. LLC owned 1.20% of Weave Communications worth $11,180,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WEAV. nVerses Capital LLC bought a new stake in Weave Communications during the third quarter valued at $45,000. Quarry LP bought a new stake in shares of Weave Communications during the 3rd quarter valued at about $45,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Weave Communications by 48.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,955 shares of the company’s stock valued at $90,000 after acquiring an additional 3,228 shares during the last quarter. Private Management Group Inc. purchased a new position in shares of Weave Communications during the second quarter worth about $90,000. Finally, US Bancorp DE bought a new position in shares of Weave Communications in the third quarter worth approximately $107,000. 86.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on WEAV shares. Piper Sandler lifted their target price on shares of Weave Communications from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Loop Capital lifted their price objective on shares of Weave Communications from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group increased their target price on Weave Communications from $13.00 to $14.50 and gave the company a “neutral” rating in a research note on Friday, November 1st. 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 company’s stock. Based on data from MarketBeat.com, Weave Communications presently has a consensus rating of “Buy” and a consensus target price of $16.50.

Weave Communications Price Performance

WEAV stock opened at $15.95 on Tuesday. The firm’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 quick ratio of 1.59 and a current ratio of 1.59. Weave Communications, Inc. has a 52 week low of $8.10 and a 52 week high of $16.16. The firm has a market cap of $1.16 billion, a P/E ratio of -39.88 and a beta of 2.00.

Insider Activity

In related news, Director Blake G. Modersitzki sold 92,930 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $15.47, for a total transaction of $1,437,627.10. Following the completion of the sale, the director now directly owns 207,979 shares in the company, valued at $3,217,435.13. This represents a 30.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alan Taylor sold 24,499 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $12.58, for a total transaction of $308,197.42. Following the completion of the sale, the chief financial officer now directly owns 451,442 shares in the company, valued at approximately $5,679,140.36. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,123,158 shares of company stock valued at $16,128,886. Insiders own 36.30% 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.