Renaissance Technologies LLC Has $10.20 Million Holdings in Bandwidth Inc. (NASDAQ:BAND)

Renaissance Technologies LLC grew its position in shares of Bandwidth Inc. (NASDAQ:BAND) by 9.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 604,200 shares of the company’s stock after buying an additional 51,542 shares during the quarter. Renaissance Technologies LLC’s holdings in Bandwidth were worth $10,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Susquehanna Fundamental Investments LLC acquired a new stake in Bandwidth in the first quarter valued at approximately $1,143,000. G2 Investment Partners Management LLC bought a new stake in Bandwidth in the fourth quarter worth $4,079,000. Acadian Asset Management LLC increased its position in Bandwidth by 15.7% during the first quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after buying an additional 46,342 shares during the last quarter. Palogic Value Management L.P. raised its holdings in Bandwidth by 17.0% during the fourth quarter. Palogic Value Management L.P. now owns 300,000 shares of the company’s stock valued at $4,341,000 after buying an additional 43,675 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Bandwidth by 100.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,132 shares of the company’s stock valued at $386,000 after buying an additional 10,571 shares in the last quarter. Institutional investors own 68.53% of the company’s stock.

Analyst Ratings Changes

BAND has been the topic of a number of analyst reports. Morgan Stanley lowered 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 report on Friday, June 14th. JMP Securities reaffirmed 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 reiterated a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Robert W. Baird decreased their price target on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Barclays dropped their price objective on Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $25.71.

Bandwidth Stock Performance

NASDAQ BAND opened at $17.28 on Tuesday. The company’s fifty day moving average is $17.80 and its two-hundred day moving average is $18.38. Bandwidth Inc. has a 52-week low of $9.34 and a 52-week high of $25.02. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $466.70 million, a price-to-earnings ratio of -15.43 and a beta of 1.50.

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

Insider Activity at Bandwidth

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

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.