Bandwidth (NASDAQ:BAND) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Bandwidth (NASDAQ:BAND) had its price target upped by Morgan Stanley from $17.00 to $18.00 in a research report released on Wednesday,Benzinga reports. They currently have an underweight rating on the stock.

BAND has been the topic of a number of other reports. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. JMP Securities reaffirmed a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research report on Tuesday, August 27th. Finally, Robert W. Baird boosted their price target on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.83.

Bandwidth Trading Down 2.3 %

Shares of Bandwidth stock traded down $0.42 during trading on Wednesday, hitting $17.70. The stock had a trading volume of 43,574 shares, compared to its average volume of 303,417. The stock has a market cap of $486.93 million, a PE ratio of -19.03 and a beta of 1.51. Bandwidth has a 12 month low of $11.90 and a 12 month high of $25.02. The firm’s fifty day simple moving average is $19.22 and its 200-day simple moving average is $18.21. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) 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 business had revenue of $193.90 million during the quarter, compared to analyst estimates of $182.05 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, sell-side analysts expect that Bandwidth will post 0.08 EPS for the current fiscal year.

Insider Activity

In related news, insider Devin M. Krupka sold 3,658 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 transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the sale, the general counsel now directly owns 41,825 shares of the company’s stock, valued at approximately $889,199.50. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,733 shares of company stock worth $948,310. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

Institutional investors and hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. boosted its position in shares of Bandwidth by 40.9% in the 3rd quarter. Franklin Resources Inc. now owns 77,481 shares of the company’s stock worth $1,325,000 after purchasing an additional 22,505 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 boosted its holdings 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 purchased a new stake in shares of Bandwidth during the third quarter worth about $453,000. Finally, State Street Corp increased its holdings in shares of Bandwidth by 3.7% during the third quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after acquiring an additional 23,352 shares in the last quarter. 68.53% of the stock is owned by hedge funds and other 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.