Bandwidth (NASDAQ:BAND) Downgraded to “Hold” Rating by Wall Street Zen

Bandwidth (NASDAQ:BAND) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

A number of other analysts have also recently weighed in on BAND. Wedbush reaffirmed an “outperform” rating on shares of Bandwidth in a research report on Wednesday, September 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bandwidth in a research report on Wednesday, October 8th. Finally, Robert W. Baird set a $16.00 price objective on shares of Bandwidth in a research note on Friday, October 31st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Bandwidth has an average rating of “Hold” and an average price target of $21.00.

Bandwidth Price Performance

Shares of BAND opened at $15.27 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.39 and a current ratio of 1.39. Bandwidth has a fifty-two week low of $11.33 and a fifty-two week high of $20.13. The firm has a 50-day simple moving average of $15.13 and a 200-day simple moving average of $15.18. The company has a market capitalization of $466.04 million, a price-to-earnings ratio of -39.15 and a beta of 2.11.

Insider Activity at Bandwidth

In other news, COO Devesh Agarwal sold 4,202 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $14.06, for a total transaction of $59,080.12. Following the sale, the chief operating officer owned 77,482 shares of the company’s stock, valued at $1,089,396.92. This trade represents a 5.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daryl E. Raiford sold 6,719 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $14.50, for a total transaction of $97,425.50. Following the sale, the chief financial officer owned 91,816 shares of the company’s stock, valued at approximately $1,331,332. This represents a 6.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 70,629 shares of company stock worth $1,024,198 in the last ninety days. 6.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bandwidth

A number of hedge funds have recently modified their holdings of BAND. CX Institutional purchased a new position in Bandwidth during the 2nd quarter valued at about $241,000. Nuveen LLC purchased a new position in shares of Bandwidth during the 1st quarter worth approximately $7,916,000. AQR Capital Management LLC raised its position in shares of Bandwidth by 303.1% during the 1st quarter. AQR Capital Management LLC now owns 393,907 shares of the company’s stock worth $5,160,000 after purchasing an additional 296,199 shares during the last quarter. Rhumbline Advisers raised its position in shares of Bandwidth by 3.7% during the 1st quarter. Rhumbline Advisers now owns 35,603 shares of the company’s stock worth $466,000 after purchasing an additional 1,255 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its stake in Bandwidth by 33.5% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 83,388 shares of the company’s stock valued at $1,326,000 after buying an additional 20,945 shares in the last quarter. 68.53% of the stock is currently owned by institutional investors.

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.