Bandwidth (NASDAQ:BAND) Shares Gap Up – What’s Next?

Shares of Bandwidth Inc. (NASDAQ:BAND) gapped up prior to trading on Thursday . The stock had previously closed at $18.84, but opened at $22.88. Bandwidth shares last traded at $21.63, with a volume of 176,031 shares changing hands.

Analyst Ratings Changes

BAND has been the topic of several analyst reports. Barclays cut their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Robert W. Baird cut their target price on Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday, August 2nd. Finally, JMP Securities reissued a “market outperform” rating and issued a $36.00 price objective on shares of Bandwidth in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.71.

Bandwidth Stock Up 5.1 %

The firm has a market capitalization of $540.50 million, a PE ratio of -17.76 and a beta of 1.51. The stock has a 50-day simple moving average of $17.41 and a 200-day simple moving average of $18.26. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.91.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data 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 company had revenue of $174.00 million during 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 firm’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. Analysts forecast that Bandwidth Inc. will post 0.11 EPS for the current year.

Insider Transactions at Bandwidth

In related news, CFO Daryl Raiford sold 4,350 shares of Bandwidth stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $16.97, for a total value of $73,819.50. Following the completion of the transaction, the chief financial officer now directly owns 71,546 shares in the company, valued at approximately $1,214,135.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 8,525 shares of company stock worth $146,548 over the last quarter. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Bandwidth by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock valued at $28,048,000 after purchasing an additional 16,181 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Bandwidth by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock valued at $17,606,000 after buying an additional 62,201 shares during the period. Acadian Asset Management LLC grew its position in Bandwidth by 79.8% during the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after buying an additional 272,309 shares in the last quarter. Renaissance Technologies LLC increased its stake in Bandwidth by 9.3% in the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after acquiring an additional 51,542 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after acquiring an additional 480,933 shares in the last quarter. Institutional investors own 68.53% 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.