Jane Street Group LLC Sells 17,427 Shares of Bandwidth Inc. (NASDAQ:BAND)

Jane Street Group LLC reduced its holdings in Bandwidth Inc. (NASDAQ:BAND) by 33.0% in the third quarter, HoldingsChannel reports. The firm owned 35,423 shares of the company’s stock after selling 17,427 shares during the period. Jane Street Group LLC’s holdings in Bandwidth were worth $620,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BAND. Versor Investments LP increased its holdings in Bandwidth by 14.0% in the second quarter. Versor Investments LP now owns 15,157 shares of the company’s stock worth $256,000 after purchasing an additional 1,857 shares in the last quarter. Parcion Private Wealth LLC increased its holdings in Bandwidth by 1.8% in the second quarter. Parcion Private Wealth LLC now owns 224,283 shares of the company’s stock worth $3,786,000 after purchasing an additional 3,928 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Bandwidth by 79.8% in 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 in the last quarter. Daiwa Securities Group Inc. bought a new stake in Bandwidth in the second quarter worth approximately $57,000. Finally, Redwood Wealth Management Group LLC bought a new stake in Bandwidth in the second quarter worth approximately $35,000. 68.53% of the stock is currently owned by institutional investors.

Bandwidth Stock Up 1.9 %

Shares of NASDAQ:BAND opened at $17.02 on Friday. The stock has a market cap of $468.22 million, a price-to-earnings ratio of -18.30 and a beta of 1.51. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth Inc. has a 12-month low of $11.90 and a 12-month high of $25.02. The business’s 50 day moving average is $19.12 and its 200 day moving average is $18.07.

Bandwidth (NASDAQ:BAND) last announced its 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. The company had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. Bandwidth’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 earnings per share. On average, sell-side analysts forecast that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity at Bandwidth

In related news, CFO Daryl Raiford sold 4,371 shares of Bandwidth stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.70, for a total transaction of $90,479.70. Following the transaction, the chief financial officer now owns 93,451 shares of the company’s stock, valued at $1,934,435.70. The trade was a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David A. Morken sold 15,410 shares of Bandwidth stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $327,616.60. Following the transaction, the chief executive officer now directly owns 101,821 shares in the company, valued at approximately $2,164,714.46. The trade was a 13.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,733 shares of company stock valued at $948,310 over the last 90 days. Insiders own 6.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted 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. 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 note on Friday, November 1st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.83.

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.