Fmr LLC Raises Stock Holdings in Bandwidth Inc. (NASDAQ:BAND)

Fmr LLC lifted its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 70.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 371,215 shares of the company’s stock after acquiring an additional 153,223 shares during the period. Fmr LLC owned 1.35% of Bandwidth worth $6,500,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Bandwidth by 10.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company’s stock worth $269,000 after purchasing an additional 1,334 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of Bandwidth by 40.6% in the 2nd quarter. Baillie Gifford & Co. now owns 30,412 shares of the company’s stock valued at $513,000 after purchasing an additional 8,789 shares during the period. Panagora Asset Management Inc. lifted its position in shares of Bandwidth by 50.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock valued at $2,356,000 after acquiring an additional 46,547 shares in the last quarter. Innealta Capital LLC acquired a new position in Bandwidth during the second quarter valued at $30,000. Finally, Hussman Strategic Advisors Inc. grew its position in Bandwidth by 20.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 126,000 shares of the company’s stock valued at $2,127,000 after purchasing an additional 21,000 shares in the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Analysts Set New Price Targets

BAND has been the topic of several recent research reports. JMP Securities reaffirmed a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research report on Tuesday, August 27th. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Robert W. Baird raised their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.33.

Bandwidth Trading Down 3.3 %

BAND opened at $19.59 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $538.92 million, a P/E ratio of -21.06 and a beta of 1.51. The firm’s fifty day simple moving average is $19.11 and its 200 day simple moving average is $18.27. Bandwidth Inc. has a 12 month low of $11.01 and a 12 month high of $25.02.

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

Insider Transactions at Bandwidth

In related news, CEO David A. Morken sold 15,410 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $327,616.60. Following the completion of the sale, the chief executive officer now owns 101,821 shares of the company’s stock, valued at $2,164,714.46. This represents a 13.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $118,226.86. Following the sale, the general counsel now owns 41,825 shares of the company’s stock, valued at $889,199.50. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,733 shares of company stock worth $948,310. 6.20% of the stock is owned by insiders.

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.