Geode Capital Management LLC Buys 19,832 Shares of Bandwidth Inc. (NASDAQ:BAND)

Geode Capital Management LLC increased its stake in Bandwidth Inc. (NASDAQ:BAND) by 3.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 568,667 shares of the company’s stock after buying an additional 19,832 shares during the quarter. Geode Capital Management LLC owned about 2.07% of Bandwidth worth $9,960,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BAND. Hsbc Holdings PLC raised its stake in shares of Bandwidth by 143.9% in the second quarter. Hsbc Holdings PLC now owns 55,259 shares of the company’s stock valued at $929,000 after acquiring an additional 32,598 shares during the period. FMR LLC raised its position in Bandwidth by 70.3% in the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock worth $6,500,000 after purchasing an additional 153,223 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Bandwidth in the third quarter worth about $747,000. Charles Schwab Investment Management Inc. lifted its stake in Bandwidth by 38.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 267,367 shares of the company’s stock worth $4,682,000 after purchasing an additional 73,795 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Bandwidth during the second quarter valued at approximately $1,113,000. 68.53% of the stock is currently owned by institutional investors.

Bandwidth Trading Up 0.8 %

Shares of NASDAQ BAND opened at $17.02 on Thursday. Bandwidth Inc. has a twelve month low of $11.90 and a twelve month high of $25.02. The firm has a market cap of $468.22 million, a PE ratio of -18.30 and a beta of 1.51. The business has a fifty day simple moving average of $19.15 and a two-hundred day simple moving average of $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.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating 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 firm had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. During the same period in the previous year, the company posted $0.03 earnings per share. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. Analysts expect that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Richard Brandon Asbill sold 5,561 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 value of $118,226.86. Following the transaction, the general counsel now directly owns 41,825 shares in the company, valued at approximately $889,199.50. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Devin M. Krupka sold 3,658 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 $77,769.08. Following the sale, the insider now owns 11,097 shares of the company’s stock, valued at $235,922.22. This trade represents a 24.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,733 shares of company stock worth $948,310. 6.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAND. Morgan Stanley raised their price target on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Robert W. Baird boosted their target price on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. One investment 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $28.83.

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.