Bank of Montreal Can Cuts Stock Holdings in Bandwidth Inc. (NASDAQ:BAND)

Bank of Montreal Can decreased its holdings in shares of Bandwidth Inc. (NASDAQ:BAND) by 1.4% during the second quarter, HoldingsChannel reports. The firm owned 168,497 shares of the company’s stock after selling 2,346 shares during the period. Bank of Montreal Can’s holdings in Bandwidth were worth $2,886,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Bandwidth in the 2nd quarter valued at about $30,000. Redwood Wealth Management Group LLC bought a new stake in shares of Bandwidth in the 2nd quarter valued at about $35,000. Ameritas Investment Partners Inc. boosted its holdings in shares of Bandwidth by 31.6% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock valued at $43,000 after buying an additional 565 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Bandwidth in the 2nd quarter valued at about $57,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Bandwidth in the 1st quarter valued at about $187,000. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Bandwidth Stock Performance

Shares of NASDAQ BAND opened at $17.42 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. Bandwidth Inc. has a 12 month low of $9.34 and a 12 month high of $25.02. The company has a 50 day simple moving average of $17.36 and a two-hundred day simple moving average of $18.29. The stock has a market cap of $470.48 million, a price-to-earnings ratio of -15.55 and a beta of 1.50.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.89%. The business had revenue of $174.00 million during the quarter, compared to analysts’ expectations of $173.18 million. During the same period in the previous year, the business posted ($0.09) EPS. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, analysts predict that Bandwidth Inc. will post 0.11 earnings per share for the current year.

Analyst Ratings Changes

BAND has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Robert W. Baird lowered their price target on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Morgan Stanley cut shares of Bandwidth from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $18.00 to $15.00 in a research note on Friday, June 14th. Barclays lowered their target price on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bandwidth presently has a consensus rating of “Hold” and a consensus price target of $25.71.

Insider Buying and Selling at Bandwidth

In other Bandwidth news, CFO Daryl Raiford sold 1,769 shares of Bandwidth stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total transaction of $39,307.18. Following the completion of the sale, the chief financial officer now directly owns 63,397 shares in the company, valued at approximately $1,408,681.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 10,294 shares of company stock worth $185,855. Company insiders own 6.20% of the company’s stock.

Bandwidth Company Profile

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.