Richard Brandon Asbill Sells 5,561 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) General Counsel Richard Brandon Asbill sold 5,561 shares of Bandwidth stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $118,226.86. Following the completion of the sale, the general counsel now directly owns 41,825 shares in the company, valued at approximately $889,199.50. This represents a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Bandwidth Stock Down 3.9 %

BAND stock opened at $20.29 on Wednesday. Bandwidth Inc. has a 1-year low of $11.01 and a 1-year high of $25.02. The business’s 50 day simple moving average is $18.71 and its 200 day simple moving average is $18.29. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $558.18 million, a PE ratio of -21.82 and a beta of 1.51.

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

Analysts Set New Price Targets

Several research analysts have weighed in on BAND shares. JMP Securities reaffirmed a “market outperform” rating and set a $36.00 price target on shares of Bandwidth in a research report on Tuesday, August 27th. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Robert W. Baird upped their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $28.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. grew its position in shares of Bandwidth by 411.1% in the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after purchasing an additional 480,933 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Bandwidth by 79.8% in the 2nd quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after purchasing an additional 272,309 shares during the period. Assenagon Asset Management S.A. grew its holdings in Bandwidth by 185.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock valued at $5,987,000 after buying an additional 222,142 shares in the last quarter. FMR LLC grew its holdings in Bandwidth by 70.3% in the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after buying an additional 153,223 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Bandwidth by 35.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 324,199 shares of the company’s stock worth $5,677,000 after buying an additional 83,979 shares during the period. 68.53% of the stock is 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.