Bank of New York Mellon Corp Buys 1,811 Shares of Bandwidth Inc. (NASDAQ:BAND)

Bank of New York Mellon Corp raised its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 2.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 83,175 shares of the company’s stock after acquiring an additional 1,811 shares during the period. Bank of New York Mellon Corp’s holdings in Bandwidth were worth $1,416,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. State Street Corp lifted its stake in Bandwidth by 3.7% during the 3rd quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after acquiring an additional 23,352 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Bandwidth by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock valued at $9,960,000 after purchasing an additional 19,832 shares during the last quarter. FMR LLC increased its position in shares of Bandwidth by 70.3% during the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after purchasing an additional 153,223 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Bandwidth by 38.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 267,367 shares of the company’s stock valued at $4,682,000 after purchasing an additional 73,795 shares during the last quarter. Finally, Parcion Private Wealth LLC increased its position in shares of Bandwidth by 1.7% during the 4th quarter. Parcion Private Wealth LLC now owns 232,137 shares of the company’s stock valued at $3,951,000 after purchasing an additional 3,927 shares during the last quarter. 68.53% of the stock is currently owned by institutional investors.

Bandwidth Stock Performance

Shares of BAND opened at $15.10 on Monday. The company has a market cap of $432.22 million, a PE ratio of -26.49 and a beta of 1.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.90. The stock has a 50-day moving average price of $16.60 and a 200-day moving average price of $17.69. Bandwidth Inc. has a 12-month low of $13.51 and a 12-month high of $25.02.

Bandwidth (NASDAQ:BAND) last released its earnings results on Thursday, February 20th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.36). The firm had revenue of $209.97 million during the quarter, compared to the consensus estimate of $203.68 million. Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. During the same quarter in the previous year, the firm earned $0.38 EPS. As a group, equities analysts forecast that Bandwidth Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Barclays decreased their target price on Bandwidth from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. William Blair reaffirmed an “outperform” rating on shares of Bandwidth in a research report on Friday, February 21st. Morgan Stanley lifted their price objective on 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 reissued a “hold” rating on shares of Bandwidth in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.33.

Insider Buying and Selling

In other Bandwidth news, General Counsel Richard Brandon Asbill sold 9,878 shares of Bandwidth stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $15.24, for a total value of $150,540.72. Following the transaction, the general counsel now directly owns 42,475 shares of the company’s stock, valued at $647,319. The trade was a 18.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Devin M. Krupka sold 3,770 shares of Bandwidth stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.70, for a total value of $59,189.00. Following the completion of the transaction, the insider now directly owns 19,188 shares in the company, valued at $301,251.60. This trade represents a 16.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,510 shares of company stock worth $1,109,806 in the last quarter. 6.20% of the stock is owned by insiders.

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.