Shares of Bandwidth Inc (NASDAQ:BAND) have earned a consensus rating of “Buy” from the seven research firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $41.67.
Several research analysts recently commented on the company. Morgan Stanley cut Bandwidth from an “overweight” rating to an “equal weight” rating and set a $40.00 price target for the company. in a research report on Monday, July 2nd. KeyCorp reissued an “overweight” rating and set a $64.00 price target on shares of Bandwidth in a research report on Monday, September 3rd.
In related news, major shareholder James A. Bowen sold 350,000 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $42.00, for a total transaction of $14,700,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry R. Kaestner sold 8,750 shares of the stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $35.08, for a total value of $306,950.00. The disclosure for this sale can be found here. Insiders have sold 476,971 shares of company stock valued at $20,183,610 over the last three months. Insiders own 48.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its position in Bandwidth by 3.4% during the second quarter. Russell Investments Group Ltd. now owns 40,463 shares of the company’s stock valued at $1,537,000 after purchasing an additional 1,341 shares during the last quarter. Citadel Advisors LLC acquired a new position in Bandwidth during the second quarter valued at approximately $213,000. Northern Trust Corp boosted its position in Bandwidth by 85.3% during the second quarter. Northern Trust Corp now owns 14,946 shares of the company’s stock valued at $568,000 after purchasing an additional 6,882 shares during the last quarter. Barclays PLC acquired a new stake in shares of Bandwidth in the first quarter valued at approximately $262,000. Finally, Jane Street Group LLC acquired a new stake in shares of Bandwidth in the second quarter valued at approximately $381,000. 29.94% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:BAND opened at $49.39 on Friday. The stock has a market cap of $1.01 billion and a P/E ratio of 100.80. Bandwidth has a 52-week low of $18.05 and a 52-week high of $57.00.
Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Tuesday, July 31st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.32. Bandwidth had a return on equity of 13.25% and a net margin of 9.58%. The business had revenue of $48.30 million during the quarter, compared to the consensus estimate of $45.30 million. On average, analysts anticipate that Bandwidth will post -0.03 EPS for the current year.
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.
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