Bandwidth Inc. (NASDAQ:BAND) Short Interest Update

Bandwidth Inc. (NASDAQ:BAND) was the target of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 1,240,000 shares, an increase of 26.7% from the May 31st total of 978,900 shares. Based on an average daily trading volume, of 286,400 shares, the days-to-cover ratio is currently 4.3 days.

Analyst Ratings Changes

BAND has been the subject of several recent research reports. Barclays raised their price objective on Bandwidth from $22.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. KeyCorp raised their target price on shares of Bandwidth from $21.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Robert W. Baird boosted their price target on Bandwidth from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Canaccord Genuity Group upped their price target on Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley cut 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 note on Friday, June 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Bandwidth currently has an average rating of “Hold” and a consensus price target of $25.63.

Bandwidth Stock Performance

Shares of BAND opened at $16.88 on Monday. Bandwidth has a twelve month low of $9.34 and a twelve month high of $25.02. The firm has a 50 day moving average of $19.28 and a 200 day moving average of $16.98. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.36 and a quick ratio of 2.36.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). The business had revenue of $171.03 million during the quarter, compared to the consensus estimate of $165.10 million. Bandwidth had a negative return on equity of 2.49% and a negative net margin of 4.60%. Analysts predict that Bandwidth will post 0.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daryl Raiford sold 13,410 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $20.01, for a total transaction of $268,334.10. Following the transaction, the chief financial officer now directly owns 68,076 shares of the company’s stock, valued at $1,362,200.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Daryl Raiford sold 13,410 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $20.01, for a total transaction of $268,334.10. Following the transaction, the chief financial officer now owns 68,076 shares in the company, valued at $1,362,200.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David A. Morken sold 1,290 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $20.40, for a total transaction of $26,316.00. Following the completion of the sale, the chief executive officer now owns 78,864 shares of the company’s stock, valued at $1,608,825.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,729 shares of company stock worth $566,540. 6.20% of the stock is currently owned by company insiders.

Institutional Trading of Bandwidth

A number of institutional investors have recently made changes to their positions in BAND. Bayesian Capital Management LP purchased a new stake in Bandwidth in the first quarter worth approximately $187,000. Price T Rowe Associates Inc. MD boosted 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 worth $269,000 after buying an additional 1,334 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Bandwidth in the 1st quarter worth $235,000. Ameritas Investment Partners Inc. grew its holdings in shares of Bandwidth by 31.6% in 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. Finally, Resurgent Financial Advisors LLC increased its position 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 acquiring an additional 520 shares during the last quarter. Hedge funds and other institutional investors 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.