Bandwidth Inc. (NASDAQ:BAND) CEO Sells $21,513.70 in Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 1,235 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $17.42, for a total transaction of $21,513.70. Following the completion of the sale, the chief executive officer now owns 81,865 shares in the company, valued at $1,426,088.30. The sale was disclosed in a document filed with the SEC, which is available at this link.

Bandwidth Stock Performance

Shares of Bandwidth stock traded up $0.47 on Thursday, reaching $17.58. 228,938 shares of the stock were exchanged, compared to its average volume of 337,319. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 1.41. The business has a fifty day moving average price of $17.79 and a two-hundred day moving average price of $18.18. Bandwidth Inc. has a 1-year low of $9.34 and a 1-year high of $25.02. The firm has a market capitalization of $474.80 million, a PE ratio of -15.70 and a beta of 1.48.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new stake in shares of Bandwidth in the second quarter valued at approximately $30,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Bandwidth in the second quarter valued at approximately $35,000. Ameritas Investment Partners Inc. grew its position in shares of Bandwidth by 31.6% in the first quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock valued at $43,000 after purchasing an additional 565 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Bandwidth in the second quarter valued at approximately $57,000. Finally, Quest Partners LLC acquired a new stake in shares of Bandwidth in the fourth quarter valued at approximately $145,000. 68.53% of the stock is currently owned by institutional investors and hedge funds.

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.