State Street Corp Increases Stock Holdings in Bandwidth Inc. (NASDAQ:BAND)

State Street Corp increased its holdings in Bandwidth Inc. (NASDAQ:BAND) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 655,768 shares of the company’s stock after buying an additional 23,352 shares during the period. State Street Corp’s holdings in Bandwidth were worth $11,482,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in BAND. Innealta Capital LLC acquired a new position in Bandwidth during the second quarter worth about $30,000. nVerses Capital LLC increased its stake in shares of Bandwidth by 80.0% during the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock worth $32,000 after purchasing an additional 800 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Bandwidth during the 2nd quarter worth approximately $35,000. Quarry LP lifted its stake in Bandwidth by 157.6% in the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after buying an additional 1,245 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Bandwidth during the 2nd quarter valued at $57,000. 68.53% of the stock is owned by institutional investors and hedge funds.

Bandwidth Stock Down 0.4 %

BAND opened at $17.87 on Thursday. Bandwidth Inc. has a 12 month low of $11.90 and a 12 month high of $25.02. The business has a 50-day moving average of $19.29 and a two-hundred day moving average of $18.12. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $491.60 million, a price-to-earnings ratio of -19.22 and a beta of 1.51.

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

Insider Transactions at Bandwidth

In other news, CEO David A. Morken sold 15,410 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $327,616.60. Following the completion of the sale, the chief executive officer now owns 101,821 shares in the company, valued at approximately $2,164,714.46. The trade was a 13.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daryl Raiford sold 10,389 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $220,870.14. Following the completion of the transaction, the chief financial officer now owns 87,220 shares in the company, valued at $1,854,297.20. The trade was a 10.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,733 shares of company stock worth $948,310 in the last ninety days. Insiders own 6.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Morgan Stanley boosted their price target on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Robert W. Baird raised their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $28.83.

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.