Geode Capital Management LLC Grows Stake in Bandwidth Inc. $BAND

Geode Capital Management LLC grew its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 8.9% during the second quarter, Holdings Channel reports. The firm owned 648,763 shares of the company’s stock after purchasing an additional 52,762 shares during the period. Geode Capital Management LLC’s holdings in Bandwidth were worth $10,318,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE boosted its holdings in shares of Bandwidth by 11,281.3% in the first quarter. US Bancorp DE now owns 5,463 shares of the company’s stock valued at $72,000 after acquiring an additional 5,415 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Bandwidth by 41.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,563 shares of the company’s stock valued at $136,000 after acquiring an additional 2,507 shares during the period. New Age Alpha Advisors LLC grew its position in Bandwidth by 363.0% during the first quarter. New Age Alpha Advisors LLC now owns 13,640 shares of the company’s stock worth $179,000 after buying an additional 10,694 shares during the period. Savant Capital LLC purchased a new position in Bandwidth in the 2nd quarter valued at approximately $201,000. Finally, Ieq Capital LLC acquired a new position in shares of Bandwidth during the 1st quarter worth $205,000. 68.53% of the stock is owned by hedge funds and other institutional investors.

Bandwidth Price Performance

BAND opened at $14.73 on Thursday. The company has a 50-day moving average of $15.34 and a 200-day moving average of $15.13. Bandwidth Inc. has a 1-year low of $11.33 and a 1-year high of $21.08. The company has a market capitalization of $449.56 million, a P/E ratio of -37.77 and a beta of 2.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.39 and a current ratio of 1.39.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wedbush reaffirmed an “outperform” rating on shares of Bandwidth in a research note on Wednesday, September 17th. Wall Street Zen downgraded shares of Bandwidth from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Robert W. Baird set a $16.00 target price on Bandwidth in a report on Friday, October 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bandwidth in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Bandwidth has a consensus rating of “Hold” and a consensus price target of $21.00.

Insider Activity

In other Bandwidth news, insider Rebecca Bottorff sold 5,973 shares of Bandwidth stock in a transaction on Monday, December 1st. The shares were sold at an average price of $14.06, for a total value of $83,980.38. Following the completion of the transaction, the insider owned 53,352 shares of the company’s stock, valued at $750,129.12. The trade was a 10.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO David A. Morken sold 12,584 shares of Bandwidth stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $14.06, for a total transaction of $176,931.04. Following the completion of the transaction, the chief executive officer directly owned 29,494 shares of the company’s stock, valued at $414,685.64. This trade represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 103,678 shares of company stock valued at $1,544,127 over the last three months. 6.50% of the stock is currently owned by company insiders.

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.