Parcion Private Wealth LLC Raises Stock Position in Bandwidth Inc. (NASDAQ:BAND)

Parcion Private Wealth LLC lifted its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 1.8% during the second quarter, HoldingsChannel.com reports. The fund owned 224,283 shares of the company’s stock after buying an additional 3,928 shares during the quarter. Parcion Private Wealth LLC’s holdings in Bandwidth were worth $3,786,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Innealta Capital LLC purchased a new position in shares of Bandwidth during the second quarter worth approximately $30,000. Ameritas Investment Partners Inc. increased its position in shares of Bandwidth by 31.6% during the first quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock worth $43,000 after acquiring an additional 565 shares during the period. Quest Partners LLC purchased a new position in shares of Bandwidth during the fourth quarter worth approximately $145,000. Bayesian Capital Management LP purchased a new position in shares of Bandwidth during the first quarter worth approximately $187,000. Finally, Resurgent Financial Advisors LLC increased its holdings in Bandwidth by 4.6% during the first quarter. Resurgent Financial Advisors LLC now owns 11,840 shares of the company’s stock valued at $216,000 after buying an additional 520 shares during the period. 68.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BAND shares. JMP Securities reissued a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a report on Tuesday, August 27th. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Robert W. Baird cut their price objective on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Barclays cut their price objective on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley lowered shares of Bandwidth from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $18.00 to $15.00 in a report on Friday, June 14th. One 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’s stock. Based on data from MarketBeat, Bandwidth currently has an average rating of “Hold” and an average target price of $25.71.

Insider Buying and Selling at Bandwidth

In related news, Director Lukas M. Roush acquired 4,963 shares of the stock in a transaction dated Friday, June 14th. The stock was acquired at an average cost of $16.12 per share, for a total transaction of $80,003.56. Following the completion of the purchase, the director now owns 43,167 shares of the company’s stock, valued at approximately $695,852.04. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Lukas M. Roush acquired 4,963 shares of the stock in a transaction dated Friday, June 14th. The stock was acquired at an average cost of $16.12 per share, for a total transaction of $80,003.56. Following the completion of the purchase, the director now owns 43,167 shares of the company’s stock, valued at approximately $695,852.04. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daryl Raiford sold 1,769 shares of Bandwidth stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total transaction of $39,307.18. Following the sale, the chief financial officer now owns 63,397 shares of the company’s stock, valued at $1,408,681.34. The disclosure for this sale can be found here. Insiders sold a total of 13,794 shares of company stock worth $245,075 over the last three months. Corporate insiders own 6.20% of the company’s stock.

Bandwidth Stock Down 7.0 %

BAND traded down $1.19 during trading on Friday, hitting $15.91. The stock had a trading volume of 282,972 shares, compared to its average volume of 333,038. The company has a market capitalization of $429.70 million, a PE ratio of -14.21 and a beta of 1.50. Bandwidth Inc. has a twelve month low of $9.34 and a twelve month high of $25.02. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50 day simple moving average of $17.89 and a two-hundred day simple moving average of $18.31.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $174.00 million during the quarter, compared to the consensus estimate of $173.18 million. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.89%. Bandwidth’s revenue was up 19.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.09) earnings per share. On average, research analysts predict that Bandwidth Inc. will post 0.11 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.