Advisors Asset Management Inc. Cuts Holdings in Bandwidth Inc. (NASDAQ:BAND)

Advisors Asset Management Inc. lowered its stake in Bandwidth Inc. (NASDAQ:BANDGet Rating) by 22.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,831 shares of the company’s stock after selling 2,910 shares during the period. Advisors Asset Management Inc.’s holdings in Bandwidth were worth $185,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new position in Bandwidth in the first quarter worth about $2,000,000. State Board of Administration of Florida Retirement System grew its position in Bandwidth by 86.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 21,014 shares of the company’s stock worth $395,000 after acquiring an additional 9,750 shares in the last quarter. Meridian Wealth Advisors LLC purchased a new position in Bandwidth in the first quarter worth about $316,000. Parcion Private Wealth LLC grew its position in Bandwidth by 0.7% in the first quarter. Parcion Private Wealth LLC now owns 255,835 shares of the company’s stock worth $8,286,000 after acquiring an additional 1,690 shares in the last quarter. Finally, Westerly Capital Management LLC purchased a new position in Bandwidth in the first quarter worth about $1,620,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Bandwidth Stock Performance

Shares of NASDAQ:BAND opened at $19.37 on Tuesday. The company has a market capitalization of $490.53 million, a price-to-earnings ratio of -22.01 and a beta of 0.90. Bandwidth Inc. has a 52 week low of $9.20 and a 52 week high of $75.40. The company has a quick ratio of 3.56, a current ratio of 3.56 and a debt-to-equity ratio of 3.27. The firm has a 50 day moving average of $14.17 and a 200 day moving average of $16.90.

Insider Buying and Selling

In related news, Director Lukas M. Roush sold 3,182 shares of the business’s stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $15.87, for a total value of $50,498.34. Following the completion of the transaction, the director now owns 11,345 shares of the company’s stock, valued at $180,045.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 4,095 shares of company stock valued at $61,525 over the last 90 days. Corporate insiders own 5.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BAND. Barclays decreased their price objective 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. Citigroup raised their price objective on shares of Bandwidth from $14.00 to $17.00 in a research note on Wednesday, November 2nd. Piper Sandler decreased their price objective on shares of Bandwidth from $28.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, November 2nd. KeyCorp began coverage on shares of Bandwidth in a research note on Monday, September 12th. They issued an “overweight” rating and a $21.00 price objective for the company. Finally, JMP Securities decreased their price objective on shares of Bandwidth from $100.00 to $55.00 in a research note on Thursday, August 4th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $33.55.

Bandwidth Company Profile

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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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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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