Bandwidth Inc. (NASDAQ:BAND) Short Interest Update

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 749,900 shares, a decline of 6.0% from the November 30th total of 797,500 shares. Based on an average daily volume of 246,600 shares, the days-to-cover ratio is currently 3.0 days.

Bandwidth Price Performance

Shares of NASDAQ BAND opened at $17.02 on Thursday. Bandwidth has a fifty-two week low of $11.90 and a fifty-two week high of $25.02. The firm’s 50-day simple moving average is $19.15 and its 200 day simple moving average is $18.07. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock has a market cap of $468.22 million, a P/E ratio of -18.30 and a beta of 1.51.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.11. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The business had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $182.05 million. During the same period in the previous year, the business earned $0.03 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. Equities analysts expect that Bandwidth will post 0.08 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAND. Robert W. Baird boosted their price target on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Morgan Stanley boosted their price target on shares of Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Bandwidth 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 issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $28.83.

Insiders Place Their Bets

In other Bandwidth news, insider Devin M. Krupka sold 3,658 shares of Bandwidth stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $77,769.08. Following the completion of the transaction, the insider now owns 11,097 shares of the company’s stock, valued at $235,922.22. The trade was a 24.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Devesh Agarwal sold 5,239 shares of Bandwidth stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $111,381.14. Following the completion of the transaction, the chief operating officer now directly owns 38,839 shares of the company’s stock, valued at approximately $825,717.14. This represents a 11.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,733 shares of company stock valued at $948,310 over the last 90 days. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bandwidth

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. raised its position in Bandwidth by 40.9% in the third quarter. Franklin Resources Inc. now owns 77,481 shares of the company’s stock worth $1,325,000 after acquiring an additional 22,505 shares in the last quarter. Geode Capital Management LLC raised its position in Bandwidth by 3.6% in the third quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock worth $9,960,000 after acquiring an additional 19,832 shares in the last quarter. Barclays PLC raised its position in Bandwidth by 9.1% in the third quarter. Barclays PLC now owns 224,497 shares of the company’s stock worth $3,931,000 after acquiring an additional 18,778 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Bandwidth in the third quarter worth about $453,000. Finally, State Street Corp raised its position in Bandwidth by 3.7% in the third quarter. State Street Corp now owns 655,768 shares of the company’s stock worth $11,482,000 after acquiring an additional 23,352 shares in the last quarter. 68.53% of the stock is currently owned by institutional investors.

Bandwidth Company 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.