Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken Sells 13,653 Shares

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 13,653 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.70, for a total value of $214,352.10. Following the completion of the sale, the chief executive officer now directly owns 142,439 shares of the company’s stock, valued at $2,236,292.30. This represents a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Bandwidth Price Performance

Bandwidth stock traded up $0.07 during mid-day trading on Tuesday, hitting $15.17. 441,933 shares of the company were exchanged, compared to its average volume of 282,968. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50 day simple moving average is $17.17 and its two-hundred day simple moving average is $17.90. The company has a market capitalization of $417.33 million, a P/E ratio of -26.61 and a beta of 1.54. Bandwidth Inc. has a 12-month low of $13.51 and a 12-month high of $25.02.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.36). The company had revenue of $209.97 million for the quarter, compared to analysts’ expectations of $203.68 million. Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. During the same period in the previous year, the business posted $0.38 EPS. Analysts forecast that Bandwidth Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bandwidth

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. grew its position in Bandwidth by 61.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company’s stock valued at $8,928,000 after acquiring an additional 200,387 shares during the period. FMR LLC grew its position in Bandwidth by 70.3% during the third quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after acquiring an additional 153,223 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Bandwidth by 88.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 285,559 shares of the company’s stock valued at $4,860,000 after acquiring an additional 133,715 shares during the period. Dimensional Fund Advisors LP grew its position in Bandwidth by 9.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company’s stock valued at $21,260,000 after acquiring an additional 112,269 shares during the period. Finally, Millennium Management LLC grew its position in Bandwidth by 213.5% during the fourth quarter. Millennium Management LLC now owns 136,442 shares of the company’s stock valued at $2,322,000 after acquiring an additional 92,915 shares during the period. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Analysts Set New Price Targets

BAND has been the subject of several recent analyst reports. Morgan Stanley raised 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. Barclays reduced their price objective on Bandwidth from $25.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a report on Friday, February 21st. Finally, William Blair reaffirmed an “outperform” rating on shares of Bandwidth in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Bandwidth currently has an average rating of “Moderate Buy” and a consensus target price of $28.33.

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.