Bandwidth (NASDAQ:BAND) Given New $18.00 Price Target at Morgan Stanley

Bandwidth (NASDAQ:BAND) had its price target raised by Morgan Stanley from $17.00 to $18.00 in a report released on Wednesday,Benzinga reports. They currently have an underweight rating on the stock.

Several other equities research analysts have also commented on the company. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Robert W. Baird lifted their price objective on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Bandwidth presently has an average rating of “Hold” and an average price target of $28.83.

Bandwidth Stock Performance

BAND stock traded down $0.42 during trading on Wednesday, reaching $17.70. The stock had a trading volume of 43,574 shares, compared to its average volume of 303,417. The firm has a market cap of $486.93 million, a PE ratio of -19.03 and a beta of 1.51. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock’s 50 day moving average is $19.22 and its two-hundred day moving average is $18.21. Bandwidth has a 52 week low of $11.90 and a 52 week high of $25.02.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The firm’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. As a group, equities analysts anticipate that Bandwidth will post 0.08 earnings per share for the current year.

Insider Activity at Bandwidth

In related news, insider Devin M. Krupka sold 3,658 shares of the company’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 $77,769.08. Following the completion of the transaction, the insider now owns 11,097 shares in the company, valued at approximately $235,922.22. This represents a 24.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Devesh Agarwal sold 5,239 shares of Bandwidth stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $111,381.14. Following the completion of the sale, the chief operating officer now owns 38,839 shares in the company, valued at approximately $825,717.14. This represents a 11.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,733 shares of company stock valued at $948,310. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bandwidth

A number of hedge funds have recently made changes to their positions in BAND. Innealta Capital LLC purchased a new position in Bandwidth during the 2nd quarter valued at approximately $30,000. nVerses Capital LLC boosted its position in shares of Bandwidth by 80.0% during the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after acquiring an additional 800 shares during the last quarter. Quarry LP boosted its position in shares of Bandwidth by 157.6% during the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after acquiring an additional 1,245 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of Bandwidth in the second quarter valued at $35,000. Finally, Daiwa Securities Group Inc. bought a new stake in Bandwidth in the second quarter worth $57,000. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

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.