Bandwidth Inc. (NASDAQ:BAND) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. decreased its position in shares of Bandwidth Inc. (NASDAQ:BAND) by 34.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 394,116 shares of the company’s stock after selling 203,817 shares during the quarter. Point72 Asset Management L.P.’s holdings in Bandwidth were worth $6,901,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bandwidth by 10.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company’s stock valued at $269,000 after buying an additional 1,334 shares during the period. Baillie Gifford & Co. raised its position in Bandwidth by 40.6% in the second quarter. Baillie Gifford & Co. now owns 30,412 shares of the company’s stock worth $513,000 after acquiring an additional 8,789 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in Bandwidth by 50.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock valued at $2,356,000 after acquiring an additional 46,547 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Bandwidth during the 2nd quarter valued at about $30,000. Finally, Hussman Strategic Advisors Inc. grew its stake in shares of Bandwidth by 20.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 126,000 shares of the company’s stock worth $2,127,000 after purchasing an additional 21,000 shares during the last quarter. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Bandwidth Trading Up 1.0 %

Bandwidth stock opened at $19.98 on Monday. The company has a 50 day moving average price of $18.89 and a 200 day moving average price of $18.26. 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 52 week low of $11.01 and a 52 week high of $25.02. The firm has a market capitalization of $549.65 million, a price-to-earnings ratio of -21.48 and a beta of 1.51.

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

Insider Buying and Selling at Bandwidth

In other Bandwidth news, CEO David A. Morken sold 15,410 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $327,616.60. Following the completion of the sale, the chief executive officer now owns 101,821 shares in the company, valued at $2,164,714.46. This represents a 13.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the transaction, the general counsel now owns 41,825 shares in the company, valued at approximately $889,199.50. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,733 shares of company stock valued at $948,310 in the last 90 days. 6.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BAND. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. Robert W. Baird raised their price objective on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $28.33.

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.