Insider Selling: Bandwidth Inc. (NASDAQ:BAND) CEO Sells $20,720.37 in Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 1,221 shares of Bandwidth stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $16.97, for a total value of $20,720.37. Following the completion of the sale, the chief executive officer now directly owns 112,560 shares of the company’s stock, valued at approximately $1,910,143.20. This represents a 1.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Bandwidth Price Performance

Shares of BAND stock opened at $16.43 on Thursday. The firm has a fifty day simple moving average of $19.05 and a 200-day simple moving average of $18.13. The company has a market capitalization 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. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.11. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The company had revenue of $193.90 million during the quarter, compared to analysts’ expectations of $182.05 million. During the same period in the prior year, the company posted $0.03 EPS. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. Equities research analysts anticipate that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Trading of Bandwidth

A number of hedge funds and other institutional investors have recently made changes to their positions in BAND. Acadian Asset Management LLC boosted its stake in Bandwidth by 79.8% during the 2nd quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after acquiring an additional 272,309 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Bandwidth during the second quarter worth about $57,000. Redwood Wealth Management Group LLC bought a new position in shares of Bandwidth during the second quarter worth about $35,000. Dimensional Fund Advisors LP grew its stake in Bandwidth by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after purchasing an additional 62,201 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Bandwidth by 9.3% in the second quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock valued at $10,199,000 after buying an additional 51,542 shares during the last quarter. Institutional investors own 68.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Morgan Stanley lifted their price target on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. Finally, Robert W. Baird increased their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.83.

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.