Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in Bandwidth Inc. $BAND

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Bandwidth Inc. (NASDAQ:BAND) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 680,945 shares of the company’s stock after purchasing an additional 69,065 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bandwidth were worth $10,827,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in Bandwidth by 326.8% in the first quarter. CWM LLC now owns 7,460 shares of the company’s stock worth $98,000 after acquiring an additional 5,712 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Bandwidth in the 1st quarter worth about $249,000. Parcion Private Wealth LLC boosted its stake in Bandwidth by 1.0% in the 1st quarter. Parcion Private Wealth LLC now owns 234,390 shares of the company’s stock worth $3,071,000 after purchasing an additional 2,253 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in Bandwidth by 163.0% in the 1st quarter. Meeder Asset Management Inc. now owns 11,169 shares of the company’s stock worth $146,000 after purchasing an additional 6,923 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Bandwidth during the 1st quarter valued at about $495,000. Institutional investors own 68.53% of the company’s stock.

Bandwidth Stock Down 0.7%

Bandwidth stock opened at $14.66 on Wednesday. Bandwidth Inc. has a one year low of $11.33 and a one year high of $22.22. The stock has a fifty day moving average of $16.14 and a 200 day moving average of $15.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a market cap of $447.42 million, a PE ratio of -37.59 and a beta of 1.92.

Insider Activity

In related news, CFO Daryl Raiford sold 14,143 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $15.47, for a total transaction of $218,792.21. Following the completion of the sale, the chief financial officer directly owned 90,395 shares in the company, valued at approximately $1,398,410.65. The trade was a 13.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Devin M. Krupka sold 7,166 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $18.00, for a total transaction of $128,988.00. Following the completion of the transaction, the insider owned 19,192 shares in the company, valued at $345,456. The trade was a 27.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 67,960 shares of company stock valued at $1,064,882 in the last quarter. 6.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on BAND. Robert W. Baird set a $16.00 target price on shares of Bandwidth in a report on Friday, October 31st. Wedbush restated an “outperform” rating on shares of Bandwidth in a report on Wednesday, September 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bandwidth in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered Bandwidth from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Bandwidth currently has an average rating of “Hold” and a consensus target price of $21.00.

Bandwidth Company 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.