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

Lord Abbett & CO. LLC grew its holdings in shares of Weave Communications, Inc. (NYSE:WEAV - Free Report) by 37.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 873,411 shares of the company's stock after buying an additional 239,202 shares during the quarter. Lord Abbett & CO. LLC owned 1.20% of Weave Communications worth $11,180,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in WEAV. Raymond James & Associates boosted its holdings in Weave Communications by 102.2% during the 2nd quarter. Raymond James & Associates now owns 140,015 shares of the company's stock worth $1,263,000 after acquiring an additional 70,771 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Weave Communications by 31.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 112,804 shares of the company's stock valued at $1,017,000 after buying an additional 26,953 shares during the last quarter. Bailard Inc. bought a new position in shares of Weave Communications during the 2nd quarter worth approximately $851,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Weave Communications in the 2nd quarter worth approximately $145,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Weave Communications by 48.0% in the second 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 in the last quarter. 86.83% of the stock is owned by institutional investors.

Weave Communications Stock Performance

Shares of NYSE WEAV traded down $0.02 during midday trading on Tuesday, hitting $15.93. The company's stock had a trading volume of 992,255 shares, compared to its average volume of 544,597. The stock has a fifty day moving average price of $13.83 and a 200 day moving average price of $11.51. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -39.80 and a beta of 2.00. Weave Communications, Inc. has a one year low of $8.10 and a one year high of $16.16. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.09.

Analysts Set New Price Targets

A number of research analysts have issued reports on WEAV shares. Piper Sandler upped their price objective on Weave Communications from $16.00 to $17.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Loop Capital raised 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 boosted their target price on shares of Weave Communications from $13.00 to $14.50 and gave the company a "neutral" rating in a research note on Friday, November 1st. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $16.50.

Insiders Place Their Bets

In other 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 value of $1,437,627.10. Following the transaction, the director now owns 207,979 shares of the company's stock, valued at approximately $3,217,435.13. This represents a 30.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alan Taylor sold 4,296 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $13.05, for a total value of $56,062.80. Following the completion of the sale, the chief financial officer now owns 446,841 shares in the company, valued at $5,831,275.05. This trade 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 worth $16,128,886 over the last 90 days. Corporate insiders own 36.30% of the company's stock.

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.