Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken Sells 1,221 Shares of Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 1,221 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $16.97, for a total transaction of $20,720.37. Following the sale, the chief executive officer now owns 112,560 shares in the company, valued at $1,910,143.20. The trade was a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Bandwidth Stock Performance

Shares of Bandwidth stock opened at $17.47 on Tuesday. The company’s 50 day moving average price is $19.10 and its two-hundred day moving average price is $18.13. The firm has a market capitalization of $480.60 million, a P/E ratio of -18.78 and a beta of 1.52. Bandwidth Inc. has a fifty-two week low of $11.90 and a fifty-two week high of $25.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data 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. 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 the consensus estimate of $182.05 million. During the same quarter last year, the business posted $0.03 EPS. Bandwidth’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities analysts forecast that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BAND shares. Robert W. Baird upped their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Morgan Stanley lifted their price target on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. boosted its position in Bandwidth by 40.9% during the 3rd quarter. Franklin Resources Inc. now owns 77,481 shares of the company’s stock worth $1,325,000 after buying an additional 22,505 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Bandwidth by 3.6% during the third quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock worth $9,960,000 after purchasing an additional 19,832 shares during the period. Barclays PLC lifted its holdings in shares of Bandwidth by 9.1% during the third quarter. Barclays PLC now owns 224,497 shares of the company’s stock worth $3,931,000 after purchasing an additional 18,778 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Bandwidth in the third quarter worth $453,000. Finally, State Street Corp increased its holdings 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 during the period. 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.