Bandwidth Inc. (NASDAQ:BAND) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC trimmed its position in Bandwidth Inc. (NASDAQ:BAND) by 50.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,989 shares of the company’s stock after selling 62,512 shares during the period. AQR Capital Management LLC owned about 0.23% of Bandwidth worth $1,029,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAND. Acadian Asset Management LLC increased its position in Bandwidth by 79.8% during the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after purchasing an additional 272,309 shares during the last quarter. Squarepoint Ops LLC bought a new position in Bandwidth during the second quarter worth $1,113,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Bandwidth in the 1st quarter valued at about $1,143,000. Dimensional Fund Advisors LP grew its holdings in shares of Bandwidth by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock valued at $17,606,000 after purchasing an additional 62,201 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Bandwidth by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after buying an additional 51,542 shares during the last quarter. 68.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bandwidth news, CFO Daryl Raiford sold 1,769 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total transaction of $39,307.18. Following the completion of the transaction, the chief financial officer now directly owns 63,397 shares in the company, valued at $1,408,681.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 10,294 shares of company stock worth $185,855 in the last 90 days. 6.20% of the stock is owned by company insiders.

Bandwidth Stock Up 1.3 %

Shares of BAND opened at $17.27 on Friday. Bandwidth Inc. has a 52 week low of $9.34 and a 52 week high of $25.02. The firm has a market capitalization of $471.47 million, a P/E ratio of -15.15 and a beta of 1.51. The company has a 50-day simple moving average of $16.84 and a 200-day simple moving average of $18.21. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.16 and a current ratio of 1.16.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $174.00 million for the quarter, compared to the consensus estimate of $173.18 million. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The business’s revenue was up 19.2% compared to the same quarter last year. On average, equities research analysts expect that Bandwidth Inc. will post 0.11 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on BAND. JMP Securities restated a “market outperform” rating and issued a $36.00 price target on shares of Bandwidth in a research note on Tuesday, August 27th. Barclays reduced their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Robert W. Baird dropped their target price on 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. Finally, Morgan Stanley downgraded shares of Bandwidth from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $18.00 to $15.00 in a report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $25.71.

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.