Bandwidth (NASDAQ:BAND) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Bandwidth (NASDAQ:BAND) from a buy rating to a hold rating in a report issued on Saturday morning.

Other research analysts have also issued reports about the company. Robert W. Baird set a $16.00 price target on Bandwidth in a research report on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a research report on Wednesday, October 8th. Finally, Wedbush reiterated an “outperform” rating on shares of Bandwidth in a report on Wednesday, September 17th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.00.

Bandwidth Trading Up 0.2%

BAND opened at $16.15 on Friday. Bandwidth has a 52 week low of $11.33 and a 52 week high of $23.00. The business has a fifty day simple moving average of $16.15 and a 200-day simple moving average of $14.90. The firm has a market cap of $486.76 million, a P/E ratio of -41.41 and a beta of 1.92. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling

In related news, COO Devesh Agarwal sold 2,132 shares of Bandwidth stock in a transaction on Monday, August 11th. The stock was sold at an average price of $13.30, for a total value of $28,355.60. Following the completion of the transaction, the chief operating officer directly owned 62,927 shares in the company, valued at approximately $836,929.10. This trade represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Rebecca Bottorff sold 2,257 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $15.09, for a total value of $34,058.13. Following the completion of the sale, the insider owned 42,706 shares in the company, valued at approximately $644,433.54. This represents a 5.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 70,092 shares of company stock valued at $1,093,237. 6.50% of the stock is currently owned by company insiders.

Institutional Trading of Bandwidth

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Bandwidth by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,785,698 shares of the company’s stock valued at $23,393,000 after buying an additional 16,671 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Bandwidth by 11.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 680,945 shares of the company’s stock valued at $10,827,000 after buying an additional 69,065 shares in the last quarter. Geode Capital Management LLC raised its stake in Bandwidth by 8.9% in the second quarter. Geode Capital Management LLC now owns 648,763 shares of the company’s stock valued at $10,318,000 after buying an additional 52,762 shares in the last quarter. Nuveen LLC acquired a new stake in Bandwidth in the first quarter valued at $7,916,000. Finally, AQR Capital Management LLC raised its stake in Bandwidth by 49.1% in the second quarter. AQR Capital Management LLC now owns 587,305 shares of the company’s stock valued at $9,338,000 after buying an additional 193,398 shares in the last quarter. 68.53% of the stock is currently owned by institutional investors and hedge funds.

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.