Bandwidth Inc. (NASDAQ:BAND) Position Reduced by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. reduced its position in Bandwidth Inc. (NASDAQ:BAND) by 4.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 421,802 shares of the company’s stock after selling 20,671 shares during the period. Dana Investment Advisors Inc. owned about 1.56% of Bandwidth worth $7,120,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Bandwidth by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock worth $28,048,000 after purchasing an additional 16,181 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of 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 buying an additional 62,201 shares during the period. Acadian Asset Management LLC boosted its position in shares of Bandwidth by 79.8% in the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after buying an additional 272,309 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Bandwidth by 9.3% during 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 in the last quarter. Finally, Point72 Asset Management L.P. raised its position in Bandwidth by 411.1% during the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after buying an additional 480,933 shares during the period. 68.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Bandwidth

In related news, CFO Daryl Raiford sold 1,769 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total value of $39,307.18. Following the transaction, the chief financial officer now directly owns 63,397 shares in the company, valued at approximately $1,408,681.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 10,294 shares of company stock worth $185,855. 6.20% of the stock is owned by insiders.

Bandwidth Trading Down 1.8 %

Shares of NASDAQ:BAND opened at $17.20 on Wednesday. Bandwidth Inc. has a 1 year low of $9.34 and a 1 year high of $25.02. The firm has a fifty day moving average price of $17.45 and a 200 day moving average price of $18.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $464.54 million, a PE ratio of -15.36 and a beta of 1.50.

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

Bandwidth 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.