Hsbc Holdings PLC Boosts Stock Position in Bandwidth Inc. (NASDAQ:BAND)

Hsbc Holdings PLC grew its holdings in shares of Bandwidth Inc. (NASDAQ:BAND) by 143.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,259 shares of the company’s stock after buying an additional 32,598 shares during the quarter. Hsbc Holdings PLC owned 0.20% of Bandwidth worth $929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in Bandwidth in the second quarter valued at $30,000. Redwood Wealth Management Group LLC bought a new position in shares of Bandwidth during the second quarter worth about $35,000. Ameritas Investment Partners Inc. lifted 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 purchasing an additional 565 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in Bandwidth in the second quarter worth about $57,000. Finally, Bayesian Capital Management LP bought a new stake in Bandwidth in the first quarter valued at about $187,000. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on BAND shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Morgan Stanley downgraded shares of Bandwidth from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $18.00 to $15.00 in a report on Friday, June 14th. JMP Securities reissued a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. 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 shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $25.71.

Bandwidth Stock Up 1.1 %

BAND stock opened at $17.32 on Friday. The stock has a market cap of $467.78 million, a PE ratio of -15.46 and a beta of 1.50. The firm’s 50-day simple moving average is $17.53 and its 200 day simple moving average is $18.33. Bandwidth Inc. has a fifty-two week low of $9.34 and a fifty-two week 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.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $174.00 million for the quarter, compared to analyst estimates 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 quarter last year, the business earned ($0.09) earnings per share. As a group, sell-side analysts predict that Bandwidth Inc. will post 0.11 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Daryl Raiford sold 1,769 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total value of $39,307.18. Following the completion of the transaction, the chief financial officer now owns 63,397 shares of the company’s stock, valued at $1,408,681.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders sold 10,294 shares of company stock worth $185,855. 6.20% of the stock is owned by company insiders.

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.