Assenagon Asset Management S.A. Sells 144,263 Shares of Bandwidth Inc. (NASDAQ:BAND)

Assenagon Asset Management S.A. trimmed its stake in Bandwidth Inc. (NASDAQ:BAND) by 42.2% in the fourth quarter, Holdings Channel reports. The firm owned 197,658 shares of the company’s stock after selling 144,263 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Bandwidth were worth $3,364,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BAND. Hsbc Holdings PLC boosted its holdings in shares of Bandwidth by 143.9% in the 2nd quarter. Hsbc Holdings PLC now owns 55,259 shares of the company’s stock valued at $929,000 after buying an additional 32,598 shares during the last quarter. FMR LLC lifted its stake in Bandwidth by 70.3% in the third quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after acquiring an additional 153,223 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Bandwidth in the 3rd quarter valued at about $747,000. Charles Schwab Investment Management Inc. grew its position in shares of Bandwidth by 38.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 267,367 shares of the company’s stock valued at $4,682,000 after acquiring an additional 73,795 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Bandwidth by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock worth $9,960,000 after purchasing an additional 19,832 shares during the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Bandwidth Trading Up 2.2 %

Shares of NASDAQ:BAND opened at $16.02 on Wednesday. Bandwidth Inc. has a 12-month low of $11.90 and a 12-month high of $25.02. The business has a 50 day moving average of $18.42 and a 200-day moving average of $18.09. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock has a market cap of $440.71 million, a PE ratio of -17.23 and a beta of 1.52.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.11. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The business had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. During the same period in the previous year, the company posted $0.03 EPS. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, equities research analysts forecast that Bandwidth Inc. will post 0.08 earnings per share for the current year.

Insider Activity

In other Bandwidth news, General Counsel Richard Brandon Asbill sold 5,561 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $118,226.86. Following the transaction, the general counsel now owns 41,825 shares in the company, valued at $889,199.50. This trade represents a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Devin M. Krupka sold 3,658 shares of Bandwidth stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $77,769.08. Following the completion of the transaction, the insider now directly owns 11,097 shares of the company’s stock, valued at $235,922.22. This represents a 24.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,023 shares of company stock valued at $1,057,162. 6.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAND. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Robert W. Baird raised their price objective on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Morgan Stanley boosted their target price on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $28.83.

About Bandwidth

Bandwidth is a leading enterprise cloud communications company. Companies like Cisco, Google, Microsoft, RingCentral, Uber, and Zoom use Bandwidth’s APIs to easily embed voice, messaging, and emergency services into software and applications. Bandwidth is the first and only CPaaS provider offering a robust selection of communications APIs built around their own IP voice network.