Bandwidth (NASDAQ:BAND) Stock Price Up 7.6% – Here’s Why

Bandwidth Inc. (NASDAQ:BAND)’s share price traded up 7.6% during mid-day trading on Friday . The company traded as high as $19.29 and last traded at $19.29. 137,638 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 312,257 shares. The stock had previously closed at $17.93.

Wall Street Analysts Forecast Growth

BAND has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Barclays reduced their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. JMP Securities restated a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Robert W. Baird dropped their price objective 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $25.71.

Bandwidth Trading Up 6.4 %

The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.16 and a current ratio of 1.16. The business has a fifty day moving average price of $17.01 and a 200 day moving average price of $18.19. The firm has a market capitalization of $515.31 million, a price-to-earnings ratio of -17.18 and a beta of 1.51.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $174.00 million for the quarter, compared to analysts’ expectations of $173.18 million. Bandwidth had a negative return on equity of 1.89% and a negative net margin of 3.21%. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period last year, the business posted ($0.09) earnings per share. As a group, equities analysts forecast that Bandwidth Inc. will post 0.11 earnings per share for the current year.

Insider Buying and Selling at Bandwidth

In related news, CFO Daryl Raiford sold 1,769 shares of Bandwidth stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total value of $39,307.18. Following the transaction, the chief financial officer now directly owns 63,397 shares in the company, valued at $1,408,681.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 10,294 shares of company stock valued at $185,855. Company insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Bandwidth by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock valued at $28,048,000 after purchasing an additional 16,181 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Bandwidth by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after purchasing an additional 62,201 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Bandwidth by 79.8% in the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after buying an additional 272,309 shares in the last quarter. Renaissance Technologies LLC lifted its position in Bandwidth by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after buying an additional 51,542 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after acquiring an additional 480,933 shares in the last quarter. Institutional investors own 68.53% of the company’s stock.

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.