Baillie Gifford & Co. Cuts Holdings in Bandwidth Inc. (NASDAQ:BAND)

Baillie Gifford & Co. cut its position in shares of Bandwidth Inc. (NASDAQ:BAND) by 9.9% during the 4th quarter, Holdings Channel reports. The firm owned 27,017 shares of the company’s stock after selling 2,966 shares during the quarter. Baillie Gifford & Co.’s holdings in Bandwidth were worth $460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BAND. State Street Corp boosted its stake in Bandwidth by 3.7% in the third quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after acquiring an additional 23,352 shares during the last quarter. Geode Capital Management LLC boosted its stake in Bandwidth by 3.6% in the third quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock valued at $9,960,000 after acquiring an additional 19,832 shares during the last quarter. FMR LLC boosted its stake in Bandwidth by 70.3% in the third quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after acquiring an additional 153,223 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Bandwidth by 185.5% in the third quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock valued at $5,987,000 after acquiring an additional 222,142 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Bandwidth by 35.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 324,199 shares of the company’s stock valued at $5,677,000 after acquiring an additional 83,979 shares during the last quarter. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

Bandwidth Stock Performance

NASDAQ BAND opened at $18.74 on Wednesday. The company’s 50 day moving average is $17.58 and its 200-day moving average is $17.80. Bandwidth Inc. has a 12-month low of $11.90 and a 12-month high of $25.02. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm has a market cap of $515.54 million, a P/E ratio of -20.15 and a beta of 1.54.

Insider Activity

In related news, General Counsel Richard Brandon Asbill sold 5,561 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the sale, the general counsel now owns 41,825 shares of the company’s stock, valued at approximately $889,199.50. This represents a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Daryl Raiford sold 4,371 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.70, for a total transaction of $90,479.70. Following the sale, the chief financial officer now directly owns 93,451 shares in the company, valued at $1,934,435.70. This trade represents a 4.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,417 shares of company stock valued at $1,063,184 over the last quarter. Company insiders own 6.20% of the company’s stock.

Analysts Set New Price Targets

BAND has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Morgan Stanley boosted their target price on shares of Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Finally, Robert W. Baird boosted their target price on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $28.83.

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.