Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken Sells 2,777 Shares of Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 2,777 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $17.39, for a total value of $48,292.03. Following the transaction, the chief executive officer now owns 109,783 shares of the company’s stock, valued at approximately $1,909,126.37. This trade represents a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Bandwidth Stock Up 2.6 %

Shares of BAND stock opened at $17.47 on Tuesday. The stock has a market cap of $480.60 million, a P/E ratio of -18.78 and a beta of 1.52. The company’s fifty day simple moving average is $19.10 and its two-hundred day simple moving average is $18.13. 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 52 week low of $11.90 and a 52 week high of $25.02.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.11. The business had revenue of $193.90 million during 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%. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. Analysts predict that Bandwidth Inc. will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Bandwidth

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in shares of 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 during the last quarter. State Street Corp lifted its stake in shares of Bandwidth by 3.7% in the 3rd 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 during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Bandwidth by 79.8% in the 2nd 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 increased its position in shares of Bandwidth by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock valued at $10,199,000 after purchasing an additional 51,542 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Bandwidth by 411.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after purchasing an additional 480,933 shares during the last quarter. 68.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price target 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. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Robert W. Baird boosted 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target 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.