Harbor Capital Advisors Inc. Invests $72,000 in Bandwidth Inc. (NASDAQ:BAND)

Harbor Capital Advisors Inc. bought a new position in Bandwidth Inc. (NASDAQ:BAND) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,516 shares of the company’s stock, valued at approximately $72,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Covestor Ltd bought a new position in shares of Bandwidth in the fourth quarter worth approximately $25,000. New Age Alpha Advisors LLC bought a new position in shares of Bandwidth in the fourth quarter worth approximately $50,000. SBI Securities Co. Ltd. bought a new position in shares of Bandwidth in the fourth quarter worth approximately $69,000. GAMMA Investing LLC lifted its stake in shares of Bandwidth by 16,036.6% in the first quarter. GAMMA Investing LLC now owns 6,616 shares of the company’s stock worth $87,000 after buying an additional 6,575 shares in the last quarter. Finally, one8zero8 LLC bought a new position in shares of Bandwidth in the fourth quarter worth approximately $170,000. Institutional investors own 68.53% of the company’s stock.

Bandwidth Stock Down 3.5%

Shares of BAND stock opened at $13.76 on Monday. Bandwidth Inc. has a 12 month low of $11.33 and a 12 month high of $23.90. The stock has a market cap of $409.54 million, a P/E ratio of -24.14 and a beta of 1.82. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.90. The company has a 50 day simple moving average of $13.42 and a two-hundred day simple moving average of $15.62.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Wednesday, May 7th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. Bandwidth had a negative net margin of 0.87% and a positive return on equity of 0.53%. The business had revenue of $174.24 million during the quarter, compared to analysts’ expectations of $168.96 million. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. On average, research analysts expect that Bandwidth Inc. will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

BAND has been the topic of several analyst reports. Barclays dropped their target price on shares of Bandwidth from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. William Blair restated an “outperform” rating on shares of Bandwidth in a research report on Friday, February 21st. Morgan Stanley lowered their price objective on shares of Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird lowered their price objective on shares of Bandwidth from $20.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Finally, JMP Securities restated a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.80.

Insider Transactions at Bandwidth

In other news, COO Devesh Agarwal sold 1,804 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $14.47, for a total value of $26,103.88. Following the completion of the sale, the chief operating officer now directly owns 57,689 shares of the company’s stock, valued at $834,759.83. This represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Richard Brandon Asbill sold 1,914 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $14.47, for a total transaction of $27,695.58. Following the completion of the sale, the general counsel now directly owns 47,014 shares of the company’s stock, valued at approximately $680,292.58. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,611 shares of company stock valued at $612,318 over the last three months. Corporate insiders own 6.50% of the company’s stock.

Bandwidth 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.