Crosslink Capital Inc., a major stakeholder in Weave Communications, Inc. (NYSE:WEAV), has recently sold a significant portion of its holdings in the company. According to a regulatory filing, Crosslink Capital disposed of 102,500 shares on December 3, 2024, at a weighted average price of $14.36 per share, totaling approximately $1.47 million. The sale comes as WEAV trades near its 52-week high of $14.50, having delivered an impressive 68.7% return over the past six months. InvestingPro analysis suggests the stock is currently trading above its Fair Value.
This transaction follows a previous distribution on December 2, 2024, where Crosslink Capital made a pro rata, in-kind distribution of 10,845 shares. This was not a sale but rather a distribution by the general partner of a fund advised by Crosslink to its members without additional consideration.
Following these transactions, Crosslink Capital holds 7,078,598 shares of Weave Communications indirectly, through funds and entities it advises. These securities are deemed to be beneficially owned indirectly by Crosslink and its control person, Michael J. Stark, due to their roles as investment advisers to the funds holding these shares.
In other recent news, Weave Communications has reported significant financial growth in its third quarter of 2024, with a year-over-year revenue increase to $52.4 million, exceeding the expected guidance by $1.2 million. This robust performance also marked a milestone for the company with its first positive non-GAAP operating income of $1.4 million. Piper Sandler has maintained its Overweight rating on Weave Communications, setting a steadfast price target of $17.00. The firm's confidence in Weave is bolstered by the company's new leadership team and their commitment to a sustainable growth model with over 20% top-line growth. Weave's strategic direction, including new products, partnerships, and payment solutions, is expected to catalyze the company's performance, particularly in the 2025-2026 timeframe. The company has also raised its 2024 revenue guidance to between $202.7 million and $203.7 million and expects continued positive non-GAAP operating income. Weave plans to expand from four to potentially over 20 subverticals in the coming years, reflecting the company's dedication to growth and operational efficiency.
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