Bandwidth (NASDAQ:BAND) Price Target Cut to $22.00 by Analysts at Barclays

Bandwidth (NASDAQ:BAND) had its target price dropped by investment analysts at Barclays from $25.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 26.00% from the company’s previous close.

Several other equities research analysts have also issued reports on BAND. Morgan Stanley lifted their price target on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. Finally, Robert W. Baird lifted their price target on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.33.

Bandwidth Trading Down 4.4 %

NASDAQ:BAND opened at $17.46 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth has a 1-year low of $11.90 and a 1-year high of $25.02. The firm has a market capitalization of $480.32 million, a price-to-earnings ratio of -18.77 and a beta of 1.54. The stock has a fifty day simple moving average of $17.47 and a 200 day simple moving average of $17.83.

Insider Buying and Selling at Bandwidth

In other Bandwidth news, CEO David A. Morken sold 15,410 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $327,616.60. Following the completion of the transaction, the chief executive officer now directly owns 101,821 shares in the company, valued at $2,164,714.46. This trade represents a 13.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the firm’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 value of $118,226.86. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,417 shares of company stock valued at $1,063,184. 6.20% of the stock is currently owned by company insiders.

Institutional Trading of Bandwidth

A number of hedge funds have recently made changes to their positions in BAND. Covestor Ltd bought a new position in shares of Bandwidth in the fourth quarter worth $25,000. Quarry LP boosted its stake in Bandwidth by 157.6% in the third quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after buying an additional 1,245 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in Bandwidth in the fourth quarter valued at about $50,000. SBI Securities Co. Ltd. acquired a new stake in Bandwidth in the fourth quarter valued at about $69,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Bandwidth during the third quarter valued at about $74,000. 68.53% of the stock is owned by institutional investors and hedge funds.

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.