Bandwidth Inc. (NASDAQ:BAND) Sees Significant Decline in Short Interest

Bandwidth Inc. (NASDAQ:BAND) was the target of a significant decline in short interest in May. As of May 31st, there was short interest totalling 978,900 shares, a decline of 12.6% from the May 15th total of 1,120,000 shares. Based on an average trading volume of 272,800 shares, the short-interest ratio is presently 3.6 days.

Insiders Place Their Bets

In other Bandwidth news, CFO Daryl Raiford sold 7,600 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $20.80, for a total value of $158,080.00. Following the completion of the transaction, the chief financial officer now owns 60,476 shares in the company, valued at $1,257,900.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Bandwidth news, COO Anthony Bartolo sold 7,798 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $18.75, for a total value of $146,212.50. Following the completion of the transaction, the chief operating officer now owns 76,469 shares in the company, valued at $1,433,793.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Daryl Raiford sold 7,600 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $20.80, for a total transaction of $158,080.00. Following the completion of the transaction, the chief financial officer now owns 60,476 shares of the company’s stock, valued at approximately $1,257,900.80. The disclosure for this sale can be found here. Insiders sold a total of 36,073 shares of company stock worth $722,990 over the last 90 days. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Resurgent Financial Advisors LLC raised its holdings in shares of Bandwidth by 4.6% in the first quarter. Resurgent Financial Advisors LLC now owns 11,840 shares of the company’s stock valued at $216,000 after buying an additional 520 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Bandwidth by 31.6% in the first quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock valued at $43,000 after buying an additional 565 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 last quarter. Swiss National Bank raised its holdings in Bandwidth by 3.0% during the third quarter. Swiss National Bank now owns 51,900 shares of the company’s stock worth $585,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Parcion Private Wealth LLC raised its holdings in Bandwidth by 1.0% during the fourth quarter. Parcion Private Wealth LLC now owns 216,428 shares of the company’s stock worth $3,132,000 after purchasing an additional 2,153 shares in the last quarter. 68.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on BAND. Canaccord Genuity Group boosted their target price on shares of Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. JMP Securities boosted their target price on shares of Bandwidth from $32.00 to $36.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Robert W. Baird boosted their target price on shares of Bandwidth from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Barclays boosted their target price on shares of Bandwidth from $22.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, KeyCorp boosted their target price on shares of Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Bandwidth presently has a consensus rating of “Hold” and a consensus price target of $25.63.

Bandwidth Price Performance

BAND traded down $2.85 on Friday, reaching $15.65. The company had a trading volume of 896,620 shares, compared to its average volume of 221,417. The stock has a 50-day moving average price of $19.62 and a 200-day moving average price of $16.65. Bandwidth has a 1 year low of $9.34 and a 1 year high of $25.02. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.36 and a quick ratio of 2.36.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). Bandwidth had a negative net margin of 4.60% and a negative return on equity of 2.49%. On average, equities analysts predict that Bandwidth will post 0.22 earnings per share for the current year.

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.