Bandwidth Inc. (NASDAQ:BAND) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC decreased its holdings in shares of Bandwidth Inc. (NASDAQ:BAND) by 34.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,573 shares of the company’s stock after selling 9,340 shares during the quarter. Verition Fund Management LLC’s holdings in Bandwidth were worth $308,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its position in Bandwidth by 10.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company’s stock worth $269,000 after buying an additional 1,334 shares during the period. Baillie Gifford & Co. increased its stake in shares of Bandwidth by 40.6% during the 2nd quarter. Baillie Gifford & Co. now owns 30,412 shares of the company’s stock valued at $513,000 after acquiring an additional 8,789 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of Bandwidth by 50.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock worth $2,356,000 after acquiring an additional 46,547 shares during the period. Innealta Capital LLC acquired a new stake in shares of Bandwidth in the second quarter worth approximately $30,000. Finally, Hussman Strategic Advisors Inc. boosted its position in shares of Bandwidth by 20.0% in the second quarter. Hussman Strategic Advisors Inc. now owns 126,000 shares of the company’s stock worth $2,127,000 after acquiring an additional 21,000 shares during the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAND shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Robert W. Baird upped their price objective on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $28.33.

Bandwidth Stock Performance

NASDAQ:BAND opened at $18.71 on Friday. Bandwidth Inc. has a twelve month low of $11.90 and a twelve month high of $25.02. The firm has a market capitalization of $514.71 million, a price-to-earnings ratio of -20.12 and a beta of 1.51. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm’s fifty day simple moving average is $19.13 and its 200 day simple moving average is $18.25.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $182.05 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, equities research analysts expect that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bandwidth news, CFO Daryl Raiford sold 4,371 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.70, for a total value of $90,479.70. Following the completion of the transaction, the chief financial officer now directly owns 93,451 shares of the company’s stock, valued at $1,934,435.70. This represents a 4.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Devin M. Krupka sold 3,658 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $77,769.08. Following the sale, the insider now 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. Insiders sold a total of 44,733 shares of company stock worth $948,310 in the last 90 days. 6.20% of the stock is owned by company insiders.

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.