Raymond James ‘unsurprised’ by Weave’s new independent board additions

Raymond James notes that Weave (WEAV) announced it entered into a shareholder cooperation agreement with 2717 Partners and Engine Capital, adding new independent directors from each of the firms to its Board and forming a new finance committee to support long-term shareholder value. The board will also begin a search for a third independent director with additional software executive experience. With shares lagging the group over the last 12 months, the firm is “unsurprised” to see shareholders take a more active stance with the company, and it views the Board’s willingness to work with these shareholders as a positive sign of alignment in creating value. Raymond James has an Outperform rating on the shares.