Bandwidth Inc. (NASDAQ:BAND) Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP reduced its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 40.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,249 shares of the company’s stock after selling 8,466 shares during the quarter. Quantbot Technologies LP’s holdings in Bandwidth were worth $214,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAND. Vanguard Group Inc. increased its stake in Bandwidth by 1.1% in the first quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock valued at $28,048,000 after purchasing an additional 16,181 shares during the period. Dimensional Fund Advisors LP increased its stake in Bandwidth by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock valued at $17,606,000 after purchasing an additional 62,201 shares during the period. Acadian Asset Management LLC increased its stake in Bandwidth by 79.8% in the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after purchasing an additional 272,309 shares during the period. Renaissance Technologies LLC increased its stake in 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 purchasing an additional 51,542 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Bandwidth by 411.1% in the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after purchasing an additional 480,933 shares during the period. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BAND shares. Robert W. Baird lifted their price objective 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. JMP Securities restated a “market outperform” rating and issued a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.33.

Insider Buying and Selling

In related news, General Counsel Richard Brandon Asbill sold 5,561 shares of the business’s stock in a transaction dated 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. The trade was a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David A. Morken sold 15,410 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $327,616.60. Following the sale, the chief executive officer now directly owns 101,821 shares in the company, valued at approximately $2,164,714.46. This represents a 13.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,733 shares of company stock valued at $948,310. Corporate insiders own 6.20% of the company’s stock.

Bandwidth Stock Up 2.4 %

Shares of NASDAQ:BAND opened at $20.77 on Thursday. The company has a market cap of $571.38 million, a price-to-earnings ratio of -22.33 and a beta of 1.51. The firm’s 50-day simple moving average is $18.79 and its 200-day simple moving average is $18.30. 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 Inc. has a fifty-two week low of $11.01 and a fifty-two week high of $25.02.

Bandwidth (NASDAQ:BAND) last issued its earnings results 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 the consensus estimate of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, equities research analysts predict that Bandwidth Inc. will post 0.08 earnings per share for the current year.

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.