Balyasny Asset Management L.P. Has $784,000 Stock Holdings in Bandwidth Inc. (NASDAQ:BAND)

Balyasny Asset Management L.P. boosted its holdings in shares of Bandwidth Inc. (NASDAQ:BAND) by 113.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,066 shares of the company’s stock after buying an additional 24,508 shares during the period. Balyasny Asset Management L.P.’s holdings in Bandwidth were worth $784,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Covestor Ltd bought a new stake in shares of Bandwidth in the 4th quarter worth $25,000. New Age Alpha Advisors LLC bought a new stake in shares of Bandwidth in the 4th quarter worth $50,000. SBI Securities Co. Ltd. bought a new stake in shares of Bandwidth in the 4th quarter worth $69,000. one8zero8 LLC bought a new stake in shares of Bandwidth in the 4th quarter worth $170,000. Finally, SG Americas Securities LLC grew its stake in shares of Bandwidth by 14.5% in the 4th quarter. SG Americas Securities LLC now owns 11,102 shares of the company’s stock worth $189,000 after acquiring an additional 1,407 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Insider Transactions at Bandwidth

In related news, General Counsel Richard Brandon Asbill sold 9,878 shares of Bandwidth stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $15.24, for a total value of $150,540.72. Following the sale, the general counsel now owns 42,475 shares in the company, valued at $647,319. The trade was a 18.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daryl Raiford sold 24,253 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.58, for a total transaction of $377,861.74. Following the sale, the chief financial officer now owns 113,795 shares in the company, valued at approximately $1,772,926.10. This trade represents a 17.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,721 shares of company stock worth $992,965. Insiders own 6.50% of the company’s stock.

Bandwidth Trading Up 1.7%

Shares of BAND opened at $14.58 on Thursday. The firm’s 50 day simple moving average is $13.31 and its 200 day simple moving average is $16.45. The company has a market capitalization of $417.34 million, a P/E ratio of -25.58 and a beta of 1.88. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 1.34. Bandwidth Inc. has a 1-year low of $11.33 and a 1-year high of $23.90.

Bandwidth (NASDAQ:BAND) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $168.96 million. During the same period last year, the business earned $0.27 earnings per share. The business’s quarterly revenue was up 1.8% on a year-over-year basis. Sell-side analysts forecast that Bandwidth Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BAND has been the subject of several recent analyst reports. Robert W. Baird reduced their target price on shares of Bandwidth from $20.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. William Blair reiterated an “outperform” rating on shares of Bandwidth in a research note on Friday, February 21st. Barclays reduced their target price on shares of Bandwidth from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Morgan Stanley reduced their price target on shares of Bandwidth from $18.00 to $11.00 and set an “underweight” rating for the company in a research report on Wednesday, April 16th. Finally, Needham & Company LLC began coverage on shares of Bandwidth in a research report on Wednesday, May 7th. They set a “buy” rating and a $20.00 price target for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.80.

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.