Mirae Asset Global Investments Co. Ltd. Sells 6,739 Shares of Bandwidth Inc. (NASDAQ:BAND)

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 39.0% during the fourth quarter, HoldingsChannel reports. The firm owned 10,561 shares of the company’s stock after selling 6,739 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Bandwidth were worth $153,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BAND. DekaBank Deutsche Girozentrale purchased a new stake in Bandwidth in the 3rd quarter worth about $75,000. Swiss National Bank raised its holdings in shares of Bandwidth by 3.0% in the third quarter. Swiss National Bank now owns 51,900 shares of the company’s stock worth $585,000 after buying an additional 1,500 shares during the period. Vanguard Group Inc. lifted its stake in shares of Bandwidth by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,480,343 shares of the company’s stock worth $16,683,000 after acquiring an additional 43,411 shares during the last quarter. Dark Forest Capital Management LP boosted its holdings in Bandwidth by 59.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 52,331 shares of the company’s stock valued at $590,000 after acquiring an additional 19,563 shares during the period. Finally, Hussman Strategic Advisors Inc. bought a new position in Bandwidth in the 3rd quarter valued at $355,000. 68.53% of the stock is owned by institutional investors.

Bandwidth Trading Up 1.5 %

NASDAQ:BAND opened at $18.04 on Monday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 2.06 and a current ratio of 2.06. The firm has a 50-day simple moving average of $17.62 and a 200-day simple moving average of $14.40. Bandwidth Inc. has a one year low of $9.34 and a one year high of $21.68. The firm has a market cap of $473.91 million, a P/E ratio of -17.18 and a beta of 1.48.

Bandwidth (NASDAQ:BAND) last posted its 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). Bandwidth had a negative return on equity of 3.10% and a negative net margin of 2.72%. The company had revenue of $165.00 million for the quarter, compared to analysts’ expectations of $154.17 million. During the same quarter in the prior year, the company earned $0.04 EPS. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Equities analysts anticipate that Bandwidth Inc. will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling at Bandwidth

In other news, COO Anthony Bartolo sold 7,798 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $18.75, for a total value of $146,212.50. Following the sale, the chief operating officer now directly owns 76,469 shares in the company, valued at approximately $1,433,793.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 12,556 shares of company stock worth $239,567 over the last quarter. Insiders own 5.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAND. Barclays lifted their target price on Bandwidth from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Canaccord Genuity Group boosted their price objective on shares of Bandwidth from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, KeyCorp raised their target price on shares of Bandwidth from $16.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.