Bandwidth Inc. (NASDAQ:BAND) Receives $20.80 Average Price Target from Brokerages

Bandwidth Inc. (NASDAQ:BAND) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $20.80.

A number of research firms have weighed in on BAND. Barclays cut their price target on shares of Bandwidth from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Morgan Stanley cut their target price on Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird cut their target price on Bandwidth from $20.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC started coverage on Bandwidth in a report on Wednesday, May 7th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, William Blair restated an “outperform” rating on shares of Bandwidth in a report on Friday, February 21st.

Insider Buying and Selling at Bandwidth

In related news, insider Rebecca Bottorff sold 2,333 shares of the firm’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $14.47, for a total transaction of $33,758.51. Following the sale, the insider now directly owns 60,220 shares in the company, valued at approximately $871,383.40. This trade represents a 3.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daryl Raiford sold 2,655 shares of Bandwidth stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $14.11, for a total transaction of $37,462.05. Following the sale, the chief financial officer now owns 125,525 shares in the company, valued at $1,771,157.75. This represents a 2.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,676 shares of company stock valued at $355,922 over the last three months. 6.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bandwidth

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Bandwidth during the first quarter worth about $7,916,000. AQR Capital Management LLC increased its holdings in Bandwidth by 303.1% during the 1st quarter. AQR Capital Management LLC now owns 393,907 shares of the company’s stock worth $5,160,000 after purchasing an additional 296,199 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Bandwidth by 61.8% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company’s stock worth $8,928,000 after purchasing an additional 200,387 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Bandwidth by 88.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 285,559 shares of the company’s stock worth $4,860,000 after purchasing an additional 133,715 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Bandwidth by 9.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company’s stock worth $21,260,000 after purchasing an additional 112,269 shares during the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Bandwidth Trading Up 5.1%

Shares of Bandwidth stock opened at $14.95 on Tuesday. Bandwidth has a fifty-two week low of $11.33 and a fifty-two week high of $23.90. The firm has a market cap of $444.96 million, a PE ratio of -26.23 and a beta of 1.82. The business’s fifty day moving average is $13.21 and its two-hundred day moving average is $15.88. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.90.

Bandwidth (NASDAQ:BAND) last released its earnings results on Wednesday, May 7th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. The firm had revenue of $174.24 million for the quarter, compared to the consensus estimate of $168.96 million. During the same period in the prior year, the business posted $0.27 earnings per share. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts anticipate that Bandwidth will post 0.22 earnings per share for the current year.

About Bandwidth

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.