Bandwidth Inc. (NASDAQ:BAND) Receives $88.07 Consensus Target Price from Analysts

Shares of Bandwidth Inc. (NASDAQ:BAND – Get Rating) have been assigned an average rating of “Buy” from the seventeen ratings firms that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $86.40.

Several brokerages recently commented on BAND. KeyCorp cut their price objective on shares of Bandwidth from $132.00 to $106.00 and set an “overweight” rating on the stock in a research report on Friday, January 14th. Canaccord Genuity Group lowered their target price on shares of Bandwidth from $150.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, February 24th. Piper Sandler lowered their target price on shares of Bandwidth from $102.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, February 24th. Barclays lowered their price objective on shares of Bandwidth from $160.00 to $80.00 in a research note on Friday, February 25th. Finally, Canaccord Genuity Group lowered their price objective on shares of Bandwidth from $150.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, February 24th.

In other news, Director Brian D. Bailey acquired 10,000 shares of the company’s stock in a transaction on Tuesday, March 8th. The stock was bought at an average cost of $27.43 per share, with a total value of $274,300.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gabriela Gonzalez sold 863 shares of Bandwidth stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $50.73, for a total transaction of $43,779.99. The disclosure for this sale can be found here. Over the last three months, insiders purchased 21,135 shares of company stock valued at $616,629. 11.05% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Research Global Investors raised its holdings in shares of Bandwidth by 73.5% in the fourth quarter. Capital Research Global Investors now owns 1,822,925 shares of the company’s stock valued at $130,813,000 after acquiring an additional 772,090 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Bandwidth by 109.6% in the third quarter. Point72 Asset Management L.P. now owns 596,204 shares of the company’s stock valued at $53,825,000 after acquiring an additional 311,804 shares in the last quarter. Norges Bank bought a new stake in shares of Bandwidth in the fourth quarter valued at about $15,654,000. Millennium Management LLC raised its holdings in shares of Bandwidth by 708.8% in the third quarter. Millennium Management LLC now owns 218,316 shares of the company’s stock valued at $19,710,000 after acquiring an additional 191,323 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Bandwidth by 103.5% in the second quarter. Morgan Stanley now owns 292,767 shares of the company’s stock valued at $40,378,000 after acquiring an additional 148,866 shares in the last quarter. 99.14% of the stock is owned by institutional investors.

Shares of NASDAQ:BAND traded down $2.50 during midday trading on Friday, reaching $29.38. The company’s stock had a trading volume of 593,890 shares, compared to its average volume of 485,706. The firm has a 50 day moving average of $36.72 and a 200-day moving average of $60.78. The firm has a market capitalization of $740.67 million, a P/E ratio of -26.71 and a beta of 0.72. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.18. Bandwidth has a 12-month low of $24.01 and a 12-month high of $145.97.

Bandwidth (NASDAQ:BAND – Get Rating) last released its earnings results on Tuesday, February 22nd. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.22. Bandwidth had a negative net margin of 5.57% and a positive return on equity of 2.80%. The firm had revenue of $126.00 million for the quarter, compared to the consensus estimate of $118.18 million. During the same period in the prior year, the firm earned $0.06 EPS. The company’s revenue was up 11.5% compared to the same quarter last year. On average, research analysts predict that Bandwidth will post -0.42 EPS for the current year.

Bandwidth Company Profile (Get Rating)

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.

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