Jane Street Group LLC Sells 17,427 Shares of Bandwidth Inc. (NASDAQ:BAND)

Jane Street Group LLC trimmed its position in Bandwidth Inc. (NASDAQ:BAND) by 33.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,423 shares of the company’s stock after selling 17,427 shares during the quarter. Jane Street Group LLC owned 0.13% of Bandwidth worth $620,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. nVerses Capital LLC grew its holdings in Bandwidth by 80.0% in the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after buying an additional 800 shares in the last quarter. Quarry LP grew its holdings in Bandwidth by 157.6% in the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after buying an additional 1,245 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in Bandwidth in the 2nd quarter valued at $35,000. Daiwa Securities Group Inc. acquired a new position in Bandwidth in the 2nd quarter valued at $57,000. Finally, Meeder Asset Management Inc. acquired a new position in Bandwidth in the 3rd quarter valued at $74,000. 68.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bandwidth

In other news, CFO Daryl Raiford sold 4,371 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.70, for a total transaction of $90,479.70. Following the completion of the transaction, the chief financial officer now directly owns 93,451 shares in the company, valued at $1,934,435.70. This trade represents a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David A. Morken sold 15,410 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $327,616.60. Following the transaction, the chief executive officer now owns 101,821 shares of the company’s stock, valued at $2,164,714.46. This trade represents a 13.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,733 shares of company stock valued at $948,310 over the last ninety days. 6.20% of the stock is owned by corporate insiders.

Bandwidth Stock Performance

BAND opened at $17.02 on Friday. The firm has a market cap of $468.22 million, a P/E ratio of -18.30 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 has a debt-to-equity ratio of 0.83, a quick ratio of 1.29 and a current ratio of 1.29. The business’s fifty day moving average is $19.12 and its 200-day moving average is $18.07.

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. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. Bandwidth’s revenue was up 27.6% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share. Sell-side analysts expect that Bandwidth Inc. will post 0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

BAND has been the topic of a number of research reports. Morgan Stanley upped their price objective on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Robert W. Baird increased their target price on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. 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 given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average 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.