Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken Sells 1,221 Shares

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 1,221 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $16.97, for a total transaction of $20,720.37. Following the sale, the chief executive officer now directly owns 112,560 shares in the company, valued at $1,910,143.20. This trade represents a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Bandwidth Stock Performance

BAND opened at $16.43 on Thursday. 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 business’s 50 day moving average is $19.05 and its 200-day moving average is $18.13. The stock has a market cap of $451.99 million, a PE ratio of -17.67 and a beta of 1.52. Bandwidth Inc. has a twelve month low of $11.90 and a twelve month high of $25.02.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $182.05 million. During the same quarter in the previous year, the business earned $0.03 EPS. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, analysts predict that Bandwidth Inc. will post 0.08 earnings per share for the current year.

Hedge Funds Weigh In On Bandwidth

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC raised its position in shares of Bandwidth by 3.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 21,221 shares of the company’s stock worth $372,000 after buying an additional 740 shares in the last quarter. nVerses Capital LLC raised its holdings in Bandwidth by 80.0% during the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock worth $32,000 after purchasing an additional 800 shares in the last quarter. Quarry LP raised its holdings in Bandwidth by 157.6% during the third quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after purchasing an additional 1,245 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Bandwidth by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company’s stock worth $850,000 after purchasing an additional 1,342 shares during the period. Finally, Redwood Wealth Management Group LLC bought a new position in Bandwidth during the 2nd quarter valued at $35,000. Institutional investors own 68.53% of the company’s stock.

Analysts Set New Price Targets

BAND has been the topic of several research reports. Morgan Stanley increased their price objective on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Robert W. Baird increased their price target on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $28.83.

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.