Bandwidth Inc. (NASDAQ:BAND – Get Free Report) COO Devesh Agarwal sold 8,251 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $52.11, for a total transaction of $429,959.61. Following the transaction, the chief operating officer owned 76,414 shares of the company’s stock, valued at approximately $3,981,933.54. The trade was a 9.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Devesh Agarwal also recently made the following trade(s):
- On Wednesday, May 13th, Devesh Agarwal sold 11,749 shares of Bandwidth stock. The stock was sold at an average price of $52.14, for a total transaction of $612,592.86.
Bandwidth Trading Up 2.1%
Bandwidth stock traded up $1.09 during mid-day trading on Thursday, hitting $52.10. 1,019,996 shares of the stock were exchanged, compared to its average volume of 573,757. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.37. Bandwidth Inc. has a 12 month low of $12.50 and a 12 month high of $53.21. The firm’s fifty day simple moving average is $22.97 and its two-hundred day simple moving average is $17.44. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -137.11 and a beta of 2.72.
Analysts Set New Price Targets
BAND has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a report on Monday, April 20th. Zacks Research upgraded shares of Bandwidth from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Bandwidth from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. Needham & Company LLC lifted their price objective on shares of Bandwidth from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday. Finally, B. Riley Financial lifted their price objective on shares of Bandwidth from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.75.
Read Our Latest Stock Analysis on BAND
Institutional Trading of Bandwidth
Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its stake in Bandwidth by 183.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock valued at $60,000 after purchasing an additional 2,445 shares in the last quarter. State of Wyoming bought a new stake in Bandwidth during the 3rd quarter valued at $71,000. Raymond James Financial Inc. bought a new stake in Bandwidth during the 2nd quarter valued at $85,000. Quantbot Technologies LP bought a new stake in Bandwidth during the 2nd quarter valued at $128,000. Finally, Harbor Capital Advisors Inc. increased its stake in Bandwidth by 35.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 10,143 shares of the company’s stock valued at $157,000 after purchasing an additional 2,634 shares in the last quarter. Institutional investors own 68.53% of the company’s stock.
About Bandwidth
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.
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