David A. Morken Sells 1,235 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

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

Bandwidth Trading Down 2.4 %

BAND opened at $17.16 on Friday. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 1.41. The stock’s fifty day moving average is $17.82 and its two-hundred day moving average is $18.20. The company has a market capitalization of $463.46 million, a P/E ratio of -15.32 and a beta of 1.48. Bandwidth Inc. has a 52 week low of $9.34 and a 52 week high of $25.02.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Bandwidth in the 1st quarter worth approximately $1,143,000. G2 Investment Partners Management LLC bought a new position in Bandwidth in the fourth quarter worth approximately $4,079,000. Acadian Asset Management LLC raised its stake in Bandwidth by 15.7% in the first quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after buying an additional 46,342 shares in the last quarter. Palogic Value Management L.P. lifted its holdings in Bandwidth by 17.0% during the fourth quarter. Palogic Value Management L.P. now owns 300,000 shares of the company’s stock worth $4,341,000 after buying an additional 43,675 shares during the period. Finally, Oak Harbor Wealth Partners LLC bought a new stake in Bandwidth during the 4th quarter valued at $224,000. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Robert W. Baird decreased their price objective on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, August 2nd. KeyCorp upped their price objective on Bandwidth from $21.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Canaccord Genuity Group lifted their target price on Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, JMP Securities reissued a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $25.71.

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.