Needham & Company LLC Reaffirms Hold Rating for Bandwidth (NASDAQ:BAND)

Bandwidth (NASDAQ:BAND)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports.

Other research analysts have also issued reports about the company. JMP Securities reiterated 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 reduced their target price on Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Barclays cut their price target on Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.14.

Bandwidth Stock Performance

BAND stock opened at $18.70 on Friday. The business’s 50-day moving average price is $17.50 and its two-hundred day moving average price is $18.28. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. The firm has a market cap of $510.47 million, a PE ratio of -20.11 and a beta of 1.51. Bandwidth has a 1-year low of $10.22 and a 1-year high of $25.02.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $174.00 million for the quarter, compared to analyst estimates of $173.18 million. Bandwidth had a negative return on equity of 1.89% and a negative net margin of 3.21%. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) earnings per share. As a group, research analysts forecast that Bandwidth will post 0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daryl Raiford sold 4,350 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total transaction of $73,819.50. Following the sale, the chief financial officer now owns 71,546 shares in the company, valued at approximately $1,214,135.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 8,525 shares of company stock worth $146,548. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Several institutional investors and hedge funds have recently bought and sold shares of BAND. Vanguard Group Inc. increased its position in Bandwidth by 1.1% during the first quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock worth $28,048,000 after buying an additional 16,181 shares during the last quarter. Dimensional Fund Advisors LP grew 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 valued at $17,606,000 after purchasing an additional 62,201 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of 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 purchasing an additional 272,309 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Bandwidth by 9.3% in the second quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock valued at $10,199,000 after purchasing an additional 51,542 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Bandwidth by 411.1% in the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after purchasing an additional 480,933 shares during the last quarter. Institutional investors own 68.53% of the company’s stock.

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.