Vanguard Group Inc. Increases Holdings in Bandwidth Inc. (NASDAQ:BAND)

Vanguard Group Inc. increased its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 3.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,480,343 shares of the company’s stock after buying an additional 43,411 shares during the quarter. Vanguard Group Inc. owned about 0.06% of Bandwidth worth $16,683,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its position in Bandwidth by 27.5% in the first quarter. Capital Research Global Investors now owns 2,324,883 shares of the company’s stock valued at $75,303,000 after purchasing an additional 501,958 shares during the period. State Street Corp grew its stake in Bandwidth by 23.1% during the 2nd quarter. State Street Corp now owns 803,755 shares of the company’s stock worth $10,995,000 after purchasing an additional 150,877 shares in the last quarter. Millennium Management LLC grew its stake in Bandwidth by 395.6% during the 4th quarter. Millennium Management LLC now owns 729,722 shares of the company’s stock worth $16,747,000 after purchasing an additional 582,494 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Bandwidth by 3.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 655,611 shares of the company’s stock worth $8,969,000 after purchasing an additional 20,553 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Bandwidth by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 582,300 shares of the company’s stock worth $7,966,000 after purchasing an additional 19,700 shares in the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Insider Buying and Selling at Bandwidth

In other Bandwidth news, COO Anthony Bartolo sold 7,798 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $18.75, for a total transaction of $146,212.50. Following the sale, the chief operating officer now owns 76,469 shares in the company, valued at approximately $1,433,793.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 13,034 shares of company stock worth $245,788. 5.80% of the stock is owned by insiders.

Bandwidth Stock Performance

BAND opened at $17.34 on Monday. The stock has a market cap of $455.52 million, a P/E ratio of -16.51 and a beta of 1.48. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.06 and a quick ratio of 2.06. The stock’s 50 day simple moving average is $16.90 and its 200 day simple moving average is $13.93. Bandwidth Inc. has a 1-year low of $9.34 and a 1-year high of $21.68.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The firm had revenue of $165.00 million during the quarter, compared to analyst estimates of $154.17 million. Bandwidth had a negative return on equity of 3.10% and a negative net margin of 2.72%. The business’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. As a group, equities analysts anticipate that Bandwidth Inc. will post 0.19 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on BAND shares. KeyCorp upped their price objective on Bandwidth from $16.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Barclays upped their price objective on Bandwidth from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Finally, Canaccord Genuity Group upped their price objective on Bandwidth from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.71.

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.