Redwood Wealth Management Group LLC Purchases New Stake in Bandwidth Inc. (NASDAQ:BAND)

Redwood Wealth Management Group LLC acquired a new position in shares of Bandwidth Inc. (NASDAQ:BAND) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 2,082 shares of the company’s stock, valued at approximately $35,000.

A number of other large investors also recently added to or reduced their stakes in the business. Resurgent Financial Advisors LLC lifted its holdings in Bandwidth by 4.6% in 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. Ameritas Investment Partners Inc. raised its position in shares of Bandwidth by 31.6% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock valued at $43,000 after acquiring an additional 565 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $269,000 after purchasing an additional 1,334 shares during the period. Innealta Capital LLC bought a new position in shares of Bandwidth in the 2nd quarter worth $30,000. Finally, Versor Investments LP grew its stake in shares of Bandwidth by 14.0% during the second quarter. Versor Investments LP now owns 15,157 shares of the company’s stock worth $256,000 after purchasing an additional 1,857 shares during the period. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bandwidth news, insider Kade Ross sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $16.92, for a total transaction of $59,220.00. Following the completion of the transaction, the insider now owns 23,322 shares of the company’s stock, valued at approximately $394,608.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Daryl Raiford sold 4,350 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total value of $73,819.50. Following the completion of the transaction, the chief financial officer now owns 71,546 shares in the company, valued at approximately $1,214,135.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kade Ross sold 3,500 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $16.92, for a total value of $59,220.00. Following the sale, the insider now owns 23,322 shares in the company, valued at approximately $394,608.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,794 shares of company stock worth $245,075. 6.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on BAND shares. Robert W. Baird reduced their target price on Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, August 2nd. JMP Securities reaffirmed a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a research note on Tuesday, August 27th. Barclays reduced their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley cut shares of Bandwidth from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $18.00 to $15.00 in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $25.71.

Bandwidth Stock Up 6.7 %

Shares of BAND stock opened at $17.41 on Monday. Bandwidth Inc. has a 12-month low of $9.34 and a 12-month high of $25.02. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.91. The firm has a fifty day moving average of $17.85 and a 200-day moving average of $18.48. The company has a market capitalization of $470.21 million, a price-to-earnings ratio of -15.54 and a beta of 1.50.

Bandwidth (NASDAQ:BAND) last released its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Bandwidth had a negative return on equity of 1.89% and a negative net margin of 3.21%. The firm had revenue of $174.00 million during the quarter, compared to analysts’ expectations of $173.18 million. During the same quarter in the prior year, the company earned ($0.09) EPS. The company’s revenue was up 19.2% on a year-over-year basis. As a group, equities research analysts predict that Bandwidth Inc. will post 0.11 earnings per share for the current fiscal year.

Bandwidth 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.