Devesh Agarwal Sells 5,239 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) COO Devesh Agarwal sold 5,239 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $111,381.14. Following the transaction, the chief operating officer now owns 38,839 shares of the company’s stock, valued at approximately $825,717.14. This represents a 11.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Bandwidth Stock Down 3.9 %

BAND opened at $20.29 on Wednesday. The business’s 50-day simple moving average is $18.71 and its 200-day simple moving average is $18.29. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.29 and a current ratio of 1.29. Bandwidth Inc. has a one year low of $11.01 and a one year high of $25.02. The stock has a market capitalization of $558.18 million, a P/E ratio of -21.82 and a beta of 1.51.

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

Hedge Funds Weigh In On Bandwidth

Several institutional investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new stake in Bandwidth in the 2nd quarter valued at approximately $30,000. nVerses Capital LLC boosted its holdings in Bandwidth by 80.0% in the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after purchasing an additional 800 shares in the last quarter. Quarry LP boosted its holdings 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 purchasing an additional 1,245 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in Bandwidth in the 2nd quarter valued at approximately $35,000. Finally, Daiwa Securities Group Inc. purchased a new stake in Bandwidth in the 2nd quarter valued at approximately $57,000. Institutional investors and hedge funds own 68.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JMP Securities reiterated a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. Finally, Robert W. Baird lifted their target price on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a 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 presently has a consensus rating of “Hold” and an average target price of $28.33.

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.