Bandwidth Inc. (NASDAQ:BAND – Get Rating) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,590,000 shares, a growth of 7.0% from the August 15th total of 2,420,000 shares. Based on an average daily volume of 514,400 shares, the short-interest ratio is currently 5.0 days. Currently, 14.0% of the company’s shares are sold short.
Insider Transactions at Bandwidth
In related news, Director Lukas M. Roush sold 3,182 shares of the company’s stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $15.87, for a total value of $50,498.34. Following the completion of the sale, the director now owns 11,345 shares in the company, valued at $180,045.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bandwidth news, Director Lukas M. Roush purchased 10,000 shares of the stock in a transaction on Monday, August 8th. The stock was bought at an average cost of $16.25 per share, for a total transaction of $162,500.00. Following the completion of the acquisition, the director now directly owns 14,527 shares of the company’s stock, valued at $236,063.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lukas M. Roush sold 3,182 shares of the firm’s stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $15.87, for a total value of $50,498.34. Following the sale, the director now directly owns 11,345 shares in the company, valued at approximately $180,045.15. The disclosure for this sale can be found here. Insiders have sold 4,021 shares of company stock worth $66,978 in the last three months. Insiders own 5.79% of the company’s stock.
Hedge Funds Weigh In On Bandwidth
Several hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC lifted its stake in Bandwidth by 3.1% in the fourth quarter. HighTower Advisors LLC now owns 9,681 shares of the company’s stock valued at $693,000 after acquiring an additional 288 shares during the last quarter. Malaga Cove Capital LLC raised its holdings in shares of Bandwidth by 4.5% in the 1st quarter. Malaga Cove Capital LLC now owns 11,647 shares of the company’s stock valued at $377,000 after purchasing an additional 502 shares during the period. Ensign Peak Advisors Inc lifted its stake in Bandwidth by 25.6% in the 1st quarter. Ensign Peak Advisors Inc now owns 4,270 shares of the company’s stock valued at $138,000 after purchasing an additional 870 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Bandwidth by 26.9% during the fourth quarter. Teacher Retirement System of Texas now owns 4,279 shares of the company’s stock worth $307,000 after purchasing an additional 906 shares during the period. Finally, Blair William & Co. IL grew its holdings in Bandwidth by 4.1% during the fourth quarter. Blair William & Co. IL now owns 24,672 shares of the company’s stock worth $1,770,000 after purchasing an additional 961 shares during the period. 81.46% of the stock is owned by institutional investors.
Bandwidth Price Performance
Bandwidth (NASDAQ:BAND – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.06. The firm had revenue of $136.49 million during the quarter, compared to analysts’ expectations of $133.06 million. Bandwidth had a negative return on equity of 1.07% and a negative net margin of 5.37%. During the same period in the prior year, the firm posted $0.21 earnings per share. As a group, sell-side analysts predict that Bandwidth will post -0.51 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts have commented on BAND shares. Morgan Stanley dropped their target price on shares of Bandwidth from $38.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, July 14th. KeyCorp assumed coverage on shares of Bandwidth in a report on Monday, September 12th. They set an “overweight” rating and a $21.00 price objective on the stock. Barclays reduced their target price on shares of Bandwidth from $45.00 to $30.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Canaccord Genuity Group dropped their price target on Bandwidth from $71.00 to $50.00 in a research note on Friday, August 5th. Finally, Piper Sandler reduced their price objective on Bandwidth from $40.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, July 13th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.58.
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.
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