Thrivent Financial for Lutherans Decreases Stake in Bandwidth Inc. (NASDAQ:BAND)

Thrivent Financial for Lutherans cut its holdings in shares of Bandwidth Inc. (NASDAQ:BAND) by 28.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 53,842 shares of the company’s stock after selling 21,733 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Bandwidth were worth $917,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP increased its holdings in Bandwidth by 157.6% during the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after acquiring an additional 1,245 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Bandwidth during the 4th quarter valued at $69,000. one8zero8 LLC bought a new position in shares of Bandwidth in the fourth quarter worth $170,000. Centiva Capital LP bought a new position in shares of Bandwidth in the third quarter worth $191,000. Finally, SG Americas Securities LLC raised its position in shares of Bandwidth by 14.5% in the fourth quarter. SG Americas Securities LLC now owns 11,102 shares of the company’s stock worth $189,000 after buying an additional 1,407 shares in the last quarter. Institutional investors own 68.53% of the company’s stock.

Wall Street Analyst Weigh In

BAND has been the subject of several recent analyst reports. William Blair reissued an “outperform” rating on shares of Bandwidth in a report on Friday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research report on Friday, February 21st. Morgan Stanley boosted their target price on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, Barclays cut their target price on Bandwidth from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.33.

Bandwidth Price Performance

BAND opened at $13.54 on Wednesday. The stock has a 50-day moving average price of $16.43 and a 200-day moving average price of $17.60. The firm has a market cap of $387.57 million, a PE ratio of -23.75 and a beta of 1.57. Bandwidth Inc. has a 1 year low of $12.75 and a 1 year high of $25.02. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 1.34.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, February 20th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.36). Bandwidth had a negative net margin of 0.87% and a positive return on equity of 0.53%. The company had revenue of $209.97 million for the quarter, compared to the consensus estimate of $203.68 million. During the same quarter in the prior year, the company posted $0.38 EPS. Sell-side analysts predict that Bandwidth Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Transactions at Bandwidth

In other news, CEO David A. Morken sold 2,777 shares of Bandwidth stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $17.39, for a total value of $48,292.03. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daryl Raiford sold 24,253 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.58, for a total value of $377,861.74. Following the transaction, the chief financial officer now owns 113,795 shares of the company’s stock, valued at $1,772,926.10. This represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,510 shares of company stock worth $1,109,806 in the last three months. Corporate insiders own 6.20% of the company’s stock.

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.