Bandwidth (NASDAQ:BAND) Trading Down 2.7% – Here’s What Happened

Bandwidth Inc. (NASDAQ:BAND) fell 2.7% during trading on Thursday . The company traded as low as $13.05 and last traded at $13.15. 261,527 shares were traded during trading, an increase of 24% from the average session volume of 211,186 shares. The stock had previously closed at $13.52.

Analyst Ratings Changes

BAND has been the subject of a number of research analyst reports. Robert W. Baird set a $16.00 price target on shares of Bandwidth in a research report on Friday, October 31st. B. Riley began coverage on shares of Bandwidth in a research note on Friday, January 23rd. They issued a “buy” rating and a $20.00 price objective on the stock. Wall Street Zen lowered shares of Bandwidth from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a report on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.83.

Bandwidth Price Performance

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $401.34 million, a P/E ratio of -33.72 and a beta of 2.15. The company’s 50-day simple moving average is $14.45 and its 200 day simple moving average is $15.00.

Insider Activity at Bandwidth

In other news, insider Rebecca Bottorff sold 5,973 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $14.06, for a total transaction of $83,980.38. Following the transaction, the insider owned 53,352 shares of the company’s stock, valued at approximately $750,129.12. This represents a 10.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daryl E. Raiford sold 21,515 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $14.06, for a total value of $302,500.90. Following the completion of the sale, the chief financial officer owned 98,535 shares of the company’s stock, valued at approximately $1,385,402.10. This trade represents a 17.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 63,463 shares of company stock valued at $895,210. Insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

Hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its position in Bandwidth by 71.4% in the third quarter. Assenagon Asset Management S.A. now owns 327,942 shares of the company’s stock worth $5,467,000 after purchasing an additional 136,624 shares during the period. Campbell & CO Investment Adviser LLC raised its stake in shares of Bandwidth by 33.5% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 83,388 shares of the company’s stock valued at $1,326,000 after buying an additional 20,945 shares in the last quarter. Archon Capital Management LLC lifted its holdings in shares of Bandwidth by 48.3% during the 2nd quarter. Archon Capital Management LLC now owns 291,700 shares of the company’s stock worth $4,638,000 after acquiring an additional 95,000 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of Bandwidth during the 2nd quarter worth about $211,000. Finally, Magnetar Financial LLC acquired a new stake in shares of Bandwidth during the 2nd quarter valued at about $471,000. 68.53% of the stock is owned by institutional investors and hedge funds.

About Bandwidth

Bandwidth Inc operates a cloud-based communications platform that provides voice, messaging and emergency services APIs for enterprises and developers. Through its proprietary network and software-as-a-service model, the company enables customers to integrate programmable voice calls, text messaging and 9-1-1 routing into their applications. Bandwidth’s solutions aim to reduce complexity and improve reliability in mission-critical communications, serving industries such as healthcare, financial services, on-demand mobility and customer engagement.

Founded in 1999 in Raleigh, North Carolina by co-founders David Morken and Henry Kaestner, Bandwidth initially focused on voice-over-IP infrastructure before evolving into a full communications API provider.