Bandwidth (NASDAQ:BAND) Price Target Raised to $18.00

Bandwidth (NASDAQ:BAND) had its price target hoisted by Morgan Stanley from $17.00 to $18.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

BAND has been the subject of a number of other reports. 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. JMP Securities reaffirmed a “market outperform” rating and set a $36.00 price target on shares of Bandwidth in a report on Tuesday, August 27th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $28.83.

Bandwidth Price Performance

Shares of BAND opened at $18.12 on Wednesday. The company has a market cap of $498.48 million, a price-to-earnings ratio of -19.48 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 company’s fifty day simple moving average is $19.26 and its 200 day simple moving average is $18.19. Bandwidth has a 1-year low of $11.90 and a 1-year high of $25.02.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.11. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The company had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. During the same period in the previous year, the business earned $0.03 EPS. Bandwidth’s revenue for the quarter was up 27.6% compared to the same quarter last year. On average, research analysts forecast that Bandwidth will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Richard Brandon Asbill sold 5,561 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 transaction of $118,226.86. Following the transaction, the general counsel now directly owns 41,825 shares of the company’s stock, valued at approximately $889,199.50. This trade represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David A. Morken sold 15,410 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $327,616.60. Following the completion of the sale, the chief executive officer now directly owns 101,821 shares of the company’s stock, valued at $2,164,714.46. This represents a 13.14 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,733 shares of company stock valued at $948,310. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

A number of large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings in Bandwidth by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock valued at $17,606,000 after acquiring an additional 62,201 shares in the last quarter. State Street Corp raised its stake in Bandwidth by 3.7% in the third quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after purchasing an additional 23,352 shares in the last quarter. Acadian Asset Management LLC lifted its position in Bandwidth by 79.8% during the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after purchasing an additional 272,309 shares during the period. Renaissance Technologies LLC lifted its position in Bandwidth by 9.3% during the second quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after purchasing an additional 51,542 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in Bandwidth by 411.1% during the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after buying an additional 480,933 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

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.