Chartwell Investment Partners LLC decreased its holdings in shares of Bandwidth Inc (NASDAQ:BAND) by 47.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,508 shares of the company’s stock after selling 22,869 shares during the quarter. Chartwell Investment Partners LLC owned 0.11% of Bandwidth worth $3,240,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new position in shares of Bandwidth during the first quarter valued at $27,000. Whittier Trust Co. purchased a new position in shares of Bandwidth during the second quarter valued at $43,000. Liberty One Investment Management LLC purchased a new position in shares of Bandwidth during the second quarter valued at $59,000. Marshall Wace LLP purchased a new position in shares of Bandwidth during the fourth quarter valued at $70,000. Finally, Carroll Financial Associates Inc. grew its holdings in shares of Bandwidth by 563.5% during the second quarter. Carroll Financial Associates Inc. now owns 564 shares of the company’s stock valued at $71,000 after buying an additional 479 shares in the last quarter. Institutional investors and hedge funds own 84.67% of the company’s stock.
A number of research analysts have recently weighed in on the company. JMP Securities lifted their price target on Bandwidth from $95.00 to $99.00 and gave the company a “market outperform” rating in a report on Friday, May 1st. Canaccord Genuity restated a “buy” rating and issued a $175.00 target price on shares of Bandwidth in a research note on Thursday. BidaskClub upgraded Bandwidth from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Morgan Stanley boosted their target price on Bandwidth from $115.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, William Blair started coverage on Bandwidth in a research note on Monday, May 11th. They set an “outperform” rating for the company. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Bandwidth has a consensus rating of “Buy” and a consensus target price of $140.57.
BAND opened at $144.78 on Friday. The company has a market cap of $3.45 billion, a PE ratio of -141.94 and a beta of 0.80. The stock has a 50-day moving average of $130.29 and a 200-day moving average of $92.98. Bandwidth Inc has a 52-week low of $42.61 and a 52-week high of $156.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 12.89 and a current ratio of 12.89.
Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, July 30th. The company reported $0.13 earnings per share for the quarter. The firm had revenue of $76.79 million during the quarter, compared to the consensus estimate of $70.44 million. Bandwidth had a negative return on equity of 1.45% and a negative net margin of 9.21%. On average, research analysts predict that Bandwidth Inc will post -0.35 earnings per share for the current year.
In other news, Director Douglas A. Suriano sold 234 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $125.89, for a total value of $29,458.26. Following the sale, the director now owns 5,215 shares in the company, valued at $656,516.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David A. Morken sold 87,870 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $127.69, for a total transaction of $11,220,120.30. Following the completion of the sale, the chief executive officer now owns 64,066 shares in the company, valued at approximately $8,180,587.54. The disclosure for this sale can be found here. Insiders sold 147,271 shares of company stock valued at $17,862,643 over the last three months. 11.05% of the stock is owned by company insiders.
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.
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