Bandwidth Inc. (NASDAQ:BAND) Shares Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its position in Bandwidth Inc. (NASDAQ:BAND) by 27.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,575 shares of the company’s stock after buying an additional 16,450 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Bandwidth were worth $1,323,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its holdings in shares of Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after purchasing an additional 480,933 shares during the period. Acadian Asset Management LLC raised its holdings in Bandwidth by 79.8% in the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after buying an additional 272,309 shares during the period. Assenagon Asset Management S.A. lifted its position in Bandwidth by 185.5% during the third quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock valued at $5,987,000 after buying an additional 222,142 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Bandwidth during the second quarter worth approximately $1,113,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Bandwidth by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after acquiring an additional 62,201 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daryl Raiford sold 4,350 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $16.97, for a total transaction of $73,819.50. Following the transaction, the chief financial officer now owns 71,546 shares of the company’s stock, valued at approximately $1,214,135.62. This trade represents a 5.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 4,455 shares of company stock worth $75,786 in the last three months. 6.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. JMP Securities restated a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Robert W. Baird upped their target price on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Bandwidth has a consensus rating of “Hold” and an average price target of $28.33.

Bandwidth Price Performance

BAND opened at $21.03 on Friday. Bandwidth Inc. has a twelve month low of $10.88 and a twelve month high of $25.02. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm has a market cap of $578.54 million, a price-to-earnings ratio of -22.61 and a beta of 1.50. The company has a fifty day simple moving average of $18.58 and a 200 day simple moving average of $18.34.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.11. The company had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company’s revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. Equities research analysts expect that Bandwidth Inc. will post 0.08 EPS 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.