Bandwidth (BAND) Sets New 12-Month High at $30.80

Bandwidth Inc (NASDAQ:BAND) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $30.80 and last traded at $31.26, with a volume of 85884 shares traded. The stock had previously closed at $29.02.

Several equities research analysts recently issued reports on BAND shares. Canaccord Genuity restated a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Bandwidth in a research report on Thursday, February 22nd. Morgan Stanley set a $28.00 price objective on shares of Bandwidth and gave the stock a “buy” rating in a research report on Saturday, December 16th. KeyCorp restated a “buy” rating and set a $29.00 price objective on shares of Bandwidth in a research report on Thursday, December 14th. Robert W. Baird restated an “outperform” rating and set a $30.00 price objective (up from $28.00) on shares of Bandwidth in a research report on Thursday, February 22nd. Finally, JMP Securities started coverage on shares of Bandwidth in a research report on Tuesday, December 5th. They set an “outperform” rating and a $36.00 price objective for the company. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $31.00.

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Bandwidth (NASDAQ:BAND) last announced its earnings results on Wednesday, February 21st. The company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.11. The company had revenue of $42.47 million for the quarter, compared to analysts’ expectations of $41.69 million. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. analysts predict that Bandwidth Inc will post -0.14 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in BAND. Virtu Financial LLC purchased a new position in Bandwidth during the fourth quarter worth about $277,000. Spark Investment Management LLC purchased a new position in Bandwidth during the fourth quarter worth about $436,000. Royce & Associates LP purchased a new position in Bandwidth during the fourth quarter worth about $1,050,000. Two Sigma Investments LP purchased a new position in Bandwidth during the fourth quarter worth about $1,277,000. Finally, Millennium Management LLC purchased a new position in Bandwidth during the fourth quarter worth about $1,366,000. 20.13% of the stock is owned by institutional investors.

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About Bandwidth

Bandwidth Inc, formerly Bandwidth.com, Inc, is a cloud-based communications platform-as-a-service provider (CPaaS) that enables enterprises to create, scale and operate voice or text communications services across any mobile application or connected device or enterprises. The Company has two operating and reportable segments, CPaaS and Other.

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