Bandwidth Inc. (NASDAQ:BAND) Receives $28.83 Average PT from Brokerages

Bandwidth Inc. (NASDAQ:BAND) has been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $28.83.

BAND has been the topic of a number of recent analyst reports. Robert W. Baird increased their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Morgan Stanley raised their target price on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st.

Insider Buying and Selling at Bandwidth

In related news, CEO David A. Morken sold 2,777 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $17.39, for a total transaction of $48,292.03. Following the sale, the chief executive officer now owns 109,783 shares of the company’s stock, valued at $1,909,126.37. This trade represents a 2.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daryl Raiford sold 4,371 shares of the company’s stock in a transaction on 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 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 disclosure for this sale can be found here. Over the last three months, insiders sold 51,023 shares of company stock valued at $1,057,162. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. increased its position in shares of Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after purchasing an additional 480,933 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Bandwidth by 79.8% during the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after acquiring an additional 272,309 shares during the period. Assenagon Asset Management S.A. raised its position in Bandwidth by 185.5% in the third quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock worth $5,987,000 after acquiring an additional 222,142 shares in the last quarter. FMR LLC grew its position in Bandwidth by 70.3% in the third quarter. FMR LLC now owns 371,215 shares of the company’s stock worth $6,500,000 after buying an additional 153,223 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Bandwidth by 35.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 324,199 shares of the company’s stock worth $5,677,000 after purchasing an additional 83,979 shares during the period. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Bandwidth Price Performance

Bandwidth stock opened at $17.47 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.29 and a current ratio of 1.29. The company’s 50 day simple moving average is $19.10 and its 200-day simple moving average is $18.13. Bandwidth has a 1 year low of $11.90 and a 1 year high of $25.02. The company has a market capitalization of $480.60 million, a price-to-earnings ratio of -18.78 and a beta of 1.52.

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

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.