Bandwidth (NASDAQ:BAND) Upgraded to “Buy” at Wall Street Zen

Bandwidth (NASDAQ:BAND) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a research report on Wednesday, October 8th. Wedbush restated an “outperform” rating on shares of Bandwidth in a research report on Wednesday, September 17th. Finally, Robert W. Baird set a $16.00 price target on Bandwidth in a report on Friday, October 31st. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Bandwidth has a consensus rating of “Hold” and an average price target of $21.00.

Bandwidth Trading Up 1.0%

Shares of NASDAQ:BAND opened at $14.86 on Friday. The business’s 50-day moving average is $15.24 and its 200 day moving average is $15.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.39 and a quick ratio of 1.39. Bandwidth has a 1 year low of $11.33 and a 1 year high of $21.08. The firm has a market capitalization of $453.53 million, a P/E ratio of -38.10 and a beta of 2.11.

Insiders Place Their Bets

In other news, COO Devesh Agarwal sold 4,202 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $14.06, for a total value of $59,080.12. Following the completion of the sale, the chief operating officer directly owned 77,482 shares in the company, valued at $1,089,396.92. This represents a 5.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Richard Brandon Asbill sold 4,460 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $14.06, for a total value of $62,707.60. Following the transaction, the general counsel directly owned 62,465 shares in the company, valued at $878,257.90. This trade represents a 6.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 91,397 shares of company stock valued at $1,347,052. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

A number of hedge funds have recently modified their holdings of BAND. Principal Financial Group Inc. boosted its position in Bandwidth by 6.1% in the 3rd quarter. Principal Financial Group Inc. now owns 19,383 shares of the company’s stock valued at $323,000 after buying an additional 1,114 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Bandwidth by 2.1% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 53,681 shares of the company’s stock worth $895,000 after acquiring an additional 1,129 shares in the last quarter. Rhumbline Advisers increased its position in shares of Bandwidth by 3.7% in the 1st quarter. Rhumbline Advisers now owns 35,603 shares of the company’s stock valued at $466,000 after purchasing an additional 1,255 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Bandwidth by 30.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 7,509 shares of the company’s stock valued at $125,000 after purchasing an additional 1,748 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Bandwidth by 10.0% in the 1st quarter. AlphaQuest LLC now owns 19,451 shares of the company’s stock valued at $255,000 after purchasing an additional 1,767 shares in the last quarter. 68.53% of the stock is currently 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.