Bandwidth Inc. (NASDAQ:BAND) Shares Bought by State Street Corp

State Street Corp grew its position in shares of Bandwidth Inc. (NASDAQ:BAND) by 3.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 655,768 shares of the company’s stock after purchasing an additional 23,352 shares during the quarter. State Street Corp owned approximately 2.38% of Bandwidth worth $11,482,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAND. Innealta Capital LLC purchased a new position in Bandwidth during the 2nd quarter worth approximately $30,000. nVerses Capital LLC boosted its holdings in shares of Bandwidth by 80.0% in the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after acquiring an additional 800 shares during the period. Redwood Wealth Management Group LLC purchased a new position in shares of Bandwidth during the second quarter worth approximately $35,000. Quarry LP grew its position in shares of Bandwidth by 157.6% during the third quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after acquiring an additional 1,245 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Bandwidth in the 2nd quarter valued at $57,000. Institutional investors and hedge funds own 68.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BAND. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Robert W. Baird increased their target price on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, Morgan Stanley boosted their price target on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Bandwidth presently has a consensus rating of “Hold” and a consensus target price of $28.83.

Bandwidth Trading Down 0.4 %

Shares of Bandwidth stock opened at $17.87 on Thursday. The firm has a market cap of $491.60 million, a price-to-earnings ratio of -19.22 and a beta of 1.51. Bandwidth Inc. has a 52-week low of $11.90 and a 52-week high of $25.02. The company’s 50-day simple moving average is $19.29 and its 200-day simple moving average is $18.12. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83.

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. The company had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, equities research analysts anticipate that Bandwidth Inc. will post 0.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Devin M. Krupka sold 3,658 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $77,769.08. Following the transaction, the insider now directly owns 11,097 shares of the company’s stock, valued at $235,922.22. This represents a 24.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Devesh Agarwal sold 5,239 shares of the firm’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 $111,381.14. Following the completion of the sale, the chief operating officer now owns 38,839 shares of the company’s stock, valued at $825,717.14. This trade represents a 11.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,733 shares of company stock worth $948,310. 6.20% of the stock is owned by corporate 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.