Devesh Agarwal Sells 628 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) COO Devesh Agarwal sold 628 shares of Bandwidth stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $17.42, for a total value of $10,939.76. Following the transaction, the chief operating officer now directly owns 26,216 shares in the company, valued at approximately $456,682.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Bandwidth Stock Performance

Shares of NASDAQ:BAND opened at $17.16 on Friday. The business has a fifty day moving average of $17.82 and a 200-day moving average of $18.20. The company has a debt-to-equity ratio of 1.41, a quick ratio of 2.36 and a current ratio of 2.36. Bandwidth Inc. has a twelve month low of $9.34 and a twelve month high of $25.02. The firm has a market cap of $463.46 million, a PE ratio of -15.32 and a beta of 1.48.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.92%. The firm had revenue of $174.00 million during the quarter, compared to analysts’ expectations of $173.18 million. During the same quarter last year, the company posted ($0.09) EPS. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. On average, equities research analysts predict that Bandwidth Inc. will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Point72 Asset Management L.P. raised its position in shares of Bandwidth by 411.1% during the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after acquiring an additional 480,933 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Bandwidth in the second quarter worth about $1,113,000. 272 Capital LP bought a new stake in Bandwidth during the 2nd quarter worth about $533,000. Thrivent Financial for Lutherans lifted its position in Bandwidth by 46.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 59,125 shares of the company’s stock valued at $998,000 after purchasing an additional 18,873 shares during the period. Finally, Sei Investments Co. bought a new position in shares of Bandwidth in the 2nd quarter valued at about $590,000. Institutional investors and hedge funds own 68.53% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on BAND shares. Morgan Stanley lowered Bandwidth from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $18.00 to $15.00 in a research report on Friday, June 14th. KeyCorp raised their price objective on shares of Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Canaccord Genuity Group increased their price target on shares of Bandwidth from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, August 2nd. Finally, Robert W. Baird lowered their price target on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus 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.