David A. Morken Sells 2,777 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 2,777 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $17.39, for a total transaction of $48,292.03. Following the completion of the sale, the chief executive officer now directly owns 109,783 shares of the company’s stock, valued at approximately $1,909,126.37. The trade was a 2.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Bandwidth Stock Performance

Shares of Bandwidth stock opened at $17.47 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth Inc. has a 12 month low of $11.90 and a 12 month high of $25.02. The stock’s fifty day moving average price is $19.10 and its 200-day moving average price is $18.13. The firm has a market cap of $480.60 million, a P/E ratio of -18.78 and a beta of 1.52.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data 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. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $182.05 million. During the same period last year, the firm earned $0.03 earnings per share. The company’s quarterly revenue was up 27.6% on a year-over-year basis. On average, equities research analysts expect that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Trading of Bandwidth

Several hedge funds have recently modified their holdings of BAND. Acadian Asset Management LLC lifted its position in Bandwidth by 79.8% during the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after acquiring an additional 272,309 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of Bandwidth during the second quarter worth $57,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Bandwidth during the 2nd quarter valued at $35,000. Dimensional Fund Advisors LP grew its stake in Bandwidth by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after buying an additional 62,201 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Bandwidth by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after buying an additional 51,542 shares during the last quarter. 68.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BAND shares. Morgan Stanley boosted their price objective on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.83.

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.