Insider Selling: Bandwidth Inc. (NASDAQ:BAND) CEO Sells 1,221 Shares of Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 1,221 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $16.97, for a total transaction of $20,720.37. Following the sale, the chief executive officer now directly owns 112,560 shares in the company, valued at $1,910,143.20. This represents a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Bandwidth Trading Down 6.1 %

Shares of BAND opened at $16.41 on Wednesday. Bandwidth Inc. has a twelve month low of $11.90 and a twelve month high of $25.02. The firm has a market capitalization of $451.44 million, a P/E ratio of -17.65 and a beta of 1.52. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock’s fifty day simple moving average is $19.05 and its 200 day simple moving average is $18.13.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.11. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company’s revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 EPS. On average, equities research analysts forecast that Bandwidth Inc. will post 0.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Morgan Stanley raised their target price on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Robert W. Baird lifted their price objective on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $28.83.

Institutional Investors Weigh In On Bandwidth

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in shares of Bandwidth by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock valued at $17,606,000 after acquiring an additional 62,201 shares during the period. State Street Corp lifted its stake in shares of Bandwidth by 3.7% during the third quarter. State Street Corp now owns 655,768 shares of the company’s stock worth $11,482,000 after purchasing an additional 23,352 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Bandwidth by 79.8% in the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after buying an additional 272,309 shares during the period. Renaissance Technologies LLC grew its stake in shares of Bandwidth by 9.3% in the second quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock valued at $10,199,000 after buying an additional 51,542 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Bandwidth by 411.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after buying an additional 480,933 shares during the period. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

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.