Point72 Asset Management L.P. Has $10.09 Million Stake in Bandwidth Inc. (NASDAQ:BAND)

Point72 Asset Management L.P. increased its position in Bandwidth Inc. (NASDAQ:BAND) by 411.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 597,933 shares of the company’s stock after purchasing an additional 480,933 shares during the quarter. Point72 Asset Management L.P. owned approximately 2.21% of Bandwidth worth $10,093,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BAND. Squarepoint Ops LLC bought a new position in shares of Bandwidth during the 2nd quarter worth approximately $1,113,000. 272 Capital LP acquired a new position in Bandwidth during the second quarter worth $533,000. Thrivent Financial for Lutherans lifted its holdings in shares of Bandwidth by 46.9% during the second quarter. Thrivent Financial for Lutherans now owns 59,125 shares of the company’s stock valued at $998,000 after acquiring an additional 18,873 shares during the period. Sei Investments Co. acquired a new stake in shares of Bandwidth in the 2nd quarter valued at $590,000. Finally, Hsbc Holdings PLC grew its holdings in shares of Bandwidth by 143.9% in the 2nd quarter. Hsbc Holdings PLC now owns 55,259 shares of the company’s stock worth $929,000 after purchasing an additional 32,598 shares during the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Bandwidth Stock Performance

Shares of NASDAQ:BAND opened at $17.51 on Tuesday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. Bandwidth Inc. has a 1-year low of $9.34 and a 1-year high of $25.02. The stock has a market capitalization of $472.91 million, a P/E ratio of -15.63 and a beta of 1.50. The business has a 50-day moving average price of $17.53 and a two-hundred day moving average price of $18.30.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.89%. The business had revenue of $174.00 million for the quarter, compared to analyst estimates of $173.18 million. During the same period in the prior year, the business posted ($0.09) earnings per share. Bandwidth’s revenue was up 19.2% compared to the same quarter last year. Equities analysts predict that Bandwidth Inc. will post 0.11 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BAND shares. Barclays cut their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Morgan Stanley cut shares of Bandwidth from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $18.00 to $15.00 in a research note on Friday, June 14th. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research report on Friday, August 2nd. Robert W. Baird cut their price objective on Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, JMP Securities restated a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $25.71.

Insider Buying and Selling

In other Bandwidth news, CFO Daryl Raiford sold 1,769 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total transaction of $39,307.18. Following the transaction, the chief financial officer now owns 63,397 shares in the company, valued at $1,408,681.34. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 10,294 shares of company stock valued at $185,855 over the last three months. Company insiders own 6.20% of the company’s stock.

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.