Bandwidth (NASDAQ:BAND) Trading 4.4% Higher

Bandwidth Inc. (NASDAQ:BAND)’s stock price rose 4.4% during mid-day trading on Tuesday . The stock traded as high as $23.59 and last traded at $23.48. Approximately 72,388 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 332,111 shares. The stock had previously closed at $22.50.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley cut Bandwidth from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $18.00 to $15.00 in a research report on Friday, June 14th. Canaccord Genuity Group boosted their price target on Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. KeyCorp lifted their price objective on Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research report on Friday, May 10th. Finally, JMP Securities boosted their price target on Bandwidth from $32.00 to $36.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Bandwidth has a consensus rating of “Hold” and a consensus price target of $27.00.

Bandwidth Stock Performance

The company has a market capitalization of $608.00 million, a price-to-earnings ratio of -20.09 and a beta of 1.48. The firm has a 50-day simple moving average of $18.90 and a two-hundred day simple moving average of $17.78. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 1.41.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Bandwidth had a negative net margin of 4.60% and a negative return on equity of 2.49%. The business had revenue of $171.03 million for the quarter, compared to the consensus estimate of $165.10 million. As a group, sell-side analysts forecast that Bandwidth Inc. will post 0.16 earnings per share for the current fiscal year.

Insider Activity at Bandwidth

In related news, insider Devin M. Krupka sold 2,500 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $21.61, for a total transaction of $54,025.00. Following the completion of the sale, the insider now owns 7,262 shares in the company, valued at approximately $156,931.82. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Bandwidth news, CEO David A. Morken sold 1,290 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $20.40, for a total value of $26,316.00. Following the completion of the transaction, the chief executive officer now owns 78,864 shares of the company’s stock, valued at approximately $1,608,825.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Devin M. Krupka sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $21.61, for a total value of $54,025.00. Following the completion of the transaction, the insider now directly owns 7,262 shares of the company’s stock, valued at approximately $156,931.82. The disclosure for this sale can be found here. Insiders sold a total of 32,973 shares of company stock worth $664,643 in the last 90 days. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bandwidth

Several large investors have recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Bandwidth in the 2nd quarter valued at approximately $30,000. Panagora Asset Management Inc. raised its holdings in shares of Bandwidth by 50.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock worth $2,356,000 after buying an additional 46,547 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Bandwidth by 40.6% in the 2nd quarter. Baillie Gifford & Co. now owns 30,412 shares of the company’s stock worth $513,000 after buying an additional 8,789 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Bandwidth in the 1st quarter worth approximately $187,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Bandwidth by 10.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company’s stock worth $269,000 after buying an additional 1,334 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

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.