Bandwidth (NASDAQ:BAND) Price Target Raised to $22.00

Bandwidth (NASDAQ:BAND) had its price objective raised by Robert W. Baird from $19.00 to $22.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

BAND has been the topic of a number of other reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research note on Friday. Barclays lowered their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $36.00 price target on shares of Bandwidth in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Bandwidth currently has an average rating of “Hold” and a consensus price target of $28.33.

Bandwidth Stock Performance

Shares of BAND opened at $18.70 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $510.51 million, a P/E ratio of -20.11 and a beta of 1.50. The company’s fifty day moving average is $17.50 and its two-hundred day moving average is $18.29. Bandwidth has a 1 year low of $10.22 and a 1 year high of $25.02.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.11. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.91%. The company had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $182.05 million. During the same period in the previous year, the company posted $0.03 EPS. Bandwidth’s revenue was up 27.6% compared to the same quarter last year. On average, sell-side analysts predict that Bandwidth will post 0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daryl Raiford sold 4,350 shares of Bandwidth stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total transaction of $73,819.50. Following the completion of the transaction, the chief financial officer now directly owns 71,546 shares in the company, valued at $1,214,135.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 8,525 shares of company stock worth $146,548 in the last ninety days. Insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Bandwidth by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock worth $28,048,000 after acquiring an additional 16,181 shares during the period. Dimensional Fund Advisors LP grew its stake in Bandwidth by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after acquiring an additional 62,201 shares during the period. Acadian Asset Management LLC grew its stake in Bandwidth by 79.8% in the 2nd quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after acquiring an additional 272,309 shares during the period. Renaissance Technologies LLC grew its stake in Bandwidth by 9.3% in the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after acquiring an additional 51,542 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after acquiring an additional 480,933 shares during the period. 68.53% of the stock is owned by hedge funds and other 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.