Insider Selling: Bandwidth Inc. (NASDAQ:BAND) COO Sells 628 Shares of Stock

Bandwidth Inc. (NASDAQ:BAND) COO Devesh Agarwal sold 628 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $17.42, for a total value of $10,939.76. Following the completion of the sale, the chief operating officer now directly owns 26,216 shares of the company’s stock, valued at $456,682.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Bandwidth Trading Up 2.7 %

BAND traded up $0.47 during midday trading on Thursday, hitting $17.58. 228,938 shares of the company were exchanged, compared to its average volume of 337,319. The firm has a market capitalization of $474.80 million, a P/E ratio of -15.70 and a beta of 1.48. Bandwidth Inc. has a 1-year low of $9.34 and a 1-year high of $25.02. The firm’s 50 day moving average price is $17.79 and its 200-day moving average price is $18.18. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 1.41.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, August 1st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $174.00 million for the quarter, compared to the consensus estimate of $173.18 million. Bandwidth had a negative return on equity of 1.92% and a negative net margin of 3.21%. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) EPS. As a group, equities analysts forecast that Bandwidth Inc. will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BAND. Innealta Capital LLC bought a new position in shares of Bandwidth in the 2nd quarter worth about $30,000. Redwood Wealth Management Group LLC bought a new position in shares of Bandwidth in the 2nd quarter worth about $35,000. Ameritas Investment Partners Inc. raised its position in shares of Bandwidth by 31.6% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock worth $43,000 after acquiring an additional 565 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Bandwidth in the 2nd quarter worth about $57,000. Finally, Quest Partners LLC bought a new position in shares of Bandwidth in the 4th quarter worth about $145,000. 68.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BAND shares. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, August 2nd. Morgan Stanley lowered Bandwidth from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $18.00 to $15.00 in a research note on Friday, June 14th. KeyCorp lifted their price target on Bandwidth from $21.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Barclays cut their price objective on Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Robert W. Baird cut their price objective on Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $25.71.

About Bandwidth

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.