David A. Morken Sells 2,777 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 2,777 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $17.39, for a total value of $48,292.03. Following the sale, the chief executive officer now directly owns 109,783 shares of the company’s stock, valued at $1,909,126.37. This represents a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Bandwidth Stock Down 6.1 %

Bandwidth stock opened at $16.41 on Wednesday. Bandwidth Inc. has a fifty-two week low of $11.90 and a fifty-two week high of $25.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $451.44 million, a price-to-earnings ratio of -17.65 and a beta of 1.52. The company’s 50 day simple moving average is $19.05 and its 200 day simple moving average is $18.13.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.11. The company had revenue of $193.90 million during the quarter, compared to analyst estimates of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The firm’s revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. As a group, sell-side analysts anticipate that Bandwidth Inc. will post 0.08 EPS for the current year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Bandwidth

Hedge funds have recently modified their holdings of the business. Los Angeles Capital Management LLC grew its position in shares of Bandwidth by 3.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 21,221 shares of the company’s stock valued at $372,000 after purchasing an additional 740 shares during the period. nVerses Capital LLC boosted its holdings in shares of Bandwidth by 80.0% in the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after buying an additional 800 shares during the period. Quarry LP increased its position in shares of Bandwidth by 157.6% during the third quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after acquiring an additional 1,245 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Bandwidth by 2.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company’s stock worth $850,000 after acquiring an additional 1,342 shares during the period. Finally, Redwood Wealth Management Group LLC bought a new stake in Bandwidth in the 2nd quarter valued at $35,000. Institutional investors and hedge funds own 68.53% of the company’s stock.

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.