Bandwidth Inc. (NASDAQ:BAND – Get Free Report) COO Devesh Agarwal sold 15,000 shares of Bandwidth stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $57.24, for a total value of $858,600.00. Following the completion of the transaction, the chief operating officer directly owned 61,414 shares of the company’s stock, valued at $3,515,337.36. This represents a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Devesh Agarwal also recently made the following trade(s):
- On Thursday, May 14th, Devesh Agarwal sold 8,251 shares of Bandwidth stock. The shares were sold at an average price of $52.11, for a total value of $429,959.61.
- On Wednesday, May 13th, Devesh Agarwal sold 11,749 shares of Bandwidth stock. The shares were sold at an average price of $52.14, for a total value of $612,592.86.
Bandwidth Price Performance
Shares of Bandwidth stock traded up $0.58 during trading on Thursday, reaching $58.54. The company’s stock had a trading volume of 1,068,327 shares, compared to its average volume of 602,431. The stock has a 50-day moving average price of $26.82 and a two-hundred day moving average price of $18.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.37. Bandwidth Inc. has a one year low of $12.50 and a one year high of $59.65. The stock has a market capitalization of $1.87 billion, a P/E ratio of -154.05 and a beta of 2.72.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. Citigroup reiterated an “outperform” rating on shares of Bandwidth in a research report on Thursday, April 30th. Citizens Jmp lifted their price objective on Bandwidth from $45.00 to $70.00 and gave the stock a “market outperform” rating in a research report on Friday, May 15th. Wall Street Zen lowered Bandwidth from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bandwidth in a research report on Monday, April 20th. Finally, Zacks Research upgraded Bandwidth from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.25.
Read Our Latest Research Report on Bandwidth
Institutional Trading of Bandwidth
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Bandwidth by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,988,533 shares of the company’s stock worth $33,149,000 after buying an additional 67,428 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Bandwidth by 6.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,551,508 shares of the company’s stock worth $27,647,000 after buying an additional 91,812 shares during the period. Portolan Capital Management LLC grew its position in shares of Bandwidth by 115.8% during the 3rd quarter. Portolan Capital Management LLC now owns 745,802 shares of the company’s stock worth $12,433,000 after buying an additional 400,231 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Bandwidth by 299.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 688,430 shares of the company’s stock worth $12,268,000 after buying an additional 516,117 shares during the period. Finally, State Street Corp grew its position in shares of Bandwidth by 2.6% during the 4th quarter. State Street Corp now owns 649,426 shares of the company’s stock worth $10,034,000 after buying an additional 16,654 shares during the period. 68.53% of the stock is currently owned by institutional investors and hedge funds.
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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