Short Interest in Bandwidth Inc. (NASDAQ:BAND) Declines By 14.8%

Bandwidth Inc. (NASDAQ:BAND) saw a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 1,150,000 shares, a decline of 14.8% from the June 30th total of 1,350,000 shares. Based on an average daily volume of 313,400 shares, the short-interest ratio is presently 3.7 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAND. Canaccord Genuity Group increased their price target on shares of Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. JMP Securities increased their price target on shares of Bandwidth from $32.00 to $36.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 8th. Morgan Stanley downgraded shares of Bandwidth from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $18.00 to $15.00 in a report on Friday, June 14th. KeyCorp increased their price target on shares of Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, Robert W. Baird increased their price target on shares of Bandwidth from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Bandwidth presently has a consensus rating of “Hold” and a consensus price target of $27.00.

Insiders Place Their Bets

In other Bandwidth news, CFO Daryl Raiford sold 1,769 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total transaction of $39,307.18. Following the sale, the chief financial officer now owns 63,397 shares of the company’s stock, valued at approximately $1,408,681.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO David A. Morken sold 1,290 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $20.40, for a total value of $26,316.00. Following the sale, the chief executive officer now directly owns 78,864 shares of the company’s stock, valued at approximately $1,608,825.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daryl Raiford sold 1,769 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total transaction of $39,307.18. Following the completion of the sale, the chief financial officer now directly owns 63,397 shares in the company, valued at $1,408,681.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,973 shares of company stock valued at $664,643. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Bandwidth by 1.1% during the first quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock worth $28,048,000 after purchasing an additional 16,181 shares during the last quarter. Acadian Asset Management LLC increased its position in Bandwidth by 15.7% during the first quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after purchasing an additional 46,342 shares during the last quarter. Palogic Value Management L.P. increased its position in shares of Bandwidth by 17.0% during the fourth quarter. Palogic Value Management L.P. now owns 300,000 shares of the company’s stock valued at $4,341,000 after acquiring an additional 43,675 shares during the last quarter. G2 Investment Partners Management LLC acquired a new stake in shares of Bandwidth during the fourth quarter valued at about $4,079,000. Finally, Parcion Private Wealth LLC increased its position in shares of Bandwidth by 1.0% during the fourth quarter. Parcion Private Wealth LLC now owns 216,428 shares of the company’s stock valued at $3,132,000 after acquiring an additional 2,153 shares during the last quarter. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Bandwidth Price Performance

BAND traded up $0.04 during midday trading on Tuesday, hitting $22.54. 398,516 shares of the company traded hands, compared to its average volume of 334,360. 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 company has a market capitalization of $608.81 million, a price-to-earnings ratio of -20.10 and a beta of 1.48. Bandwidth has a 52-week low of $9.34 and a 52-week high of $25.02. The business has a 50 day simple moving average of $18.90 and a two-hundred day simple moving average of $17.78.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The business had revenue of $171.03 million during the quarter, compared to analysts’ expectations of $165.10 million. Bandwidth had a negative return on equity of 2.49% and a negative net margin of 4.60%. On average, equities analysts forecast that Bandwidth will post 0.16 earnings per share for the current fiscal year.

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.