Daryl Raiford Sells 16,100 Shares of Bandwidth (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) CFO Daryl Raiford sold 16,100 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $15.19, for a total transaction of $244,559.00. Following the sale, the chief financial officer directly owned 36,645 shares in the company, valued at $556,637.55. This represents a 30.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Bandwidth Stock Performance

NASDAQ:BAND opened at $15.04 on Wednesday. The firm has a 50 day simple moving average of $14.25 and a 200-day simple moving average of $15.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market cap of $472.06 million, a PE ratio of -34.98 and a beta of 2.14. Bandwidth Inc. has a 1-year low of $11.33 and a 1-year high of $18.63.

Wall Street Analyst Weigh In

BAND has been the subject of several analyst reports. Wall Street Zen downgraded Bandwidth from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a report on Wednesday, January 21st. Finally, B. Riley Financial initiated coverage on Bandwidth in a research report on Friday, January 23rd. They issued a “buy” rating and a $20.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Savant Capital LLC purchased a new position in shares of Bandwidth during the 2nd quarter worth about $201,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Bandwidth by 41.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,563 shares of the company’s stock valued at $136,000 after purchasing an additional 2,507 shares during the period. Geode Capital Management LLC grew its holdings in Bandwidth by 8.9% in the second quarter. Geode Capital Management LLC now owns 648,763 shares of the company’s stock valued at $10,318,000 after purchasing an additional 52,762 shares during the period. Bailard Inc. acquired a new position in Bandwidth during the second quarter worth approximately $275,000. Finally, Magnetar Financial LLC acquired a new position in Bandwidth during the second quarter worth approximately $471,000. Institutional investors and hedge funds own 68.53% of the company’s stock.

Bandwidth Company Profile

Bandwidth Inc operates a cloud-based communications platform that provides voice, messaging and emergency services APIs for enterprises and developers. Through its proprietary network and software-as-a-service model, the company enables customers to integrate programmable voice calls, text messaging and 9-1-1 routing into their applications. Bandwidth’s solutions aim to reduce complexity and improve reliability in mission-critical communications, serving industries such as healthcare, financial services, on-demand mobility and customer engagement.

Founded in 1999 in Raleigh, North Carolina by co-founders David Morken and Henry Kaestner, Bandwidth initially focused on voice-over-IP infrastructure before evolving into a full communications API provider.