Bandwidth Inc. (NASDAQ:BAND – Get Free Report) COO Devesh Agarwal sold 11,749 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $52.14, for a total transaction of $612,592.86. Following the completion of the transaction, the chief operating officer owned 84,665 shares in the company, valued at $4,414,433.10. The trade was a 12.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Devesh Agarwal also recently made the following trade(s):
- On Thursday, May 14th, Devesh Agarwal sold 8,251 shares of Bandwidth stock. The stock was sold at an average price of $52.11, for a total transaction of $429,959.61.
Bandwidth Stock Up 2.1%
BAND stock opened at $52.10 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.94 and a quick ratio of 0.94. Bandwidth Inc. has a 52-week low of $12.50 and a 52-week high of $53.21. The company has a 50-day moving average of $23.70 and a two-hundred day moving average of $17.69. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -137.11 and a beta of 2.72.
Institutional Investors Weigh In On Bandwidth
A number of institutional investors have recently added to or reduced their stakes in BAND. Renaissance Technologies LLC raised its holdings in shares of Bandwidth by 4.2% in the 1st quarter. Renaissance Technologies LLC now owns 644,981 shares of the company’s stock worth $11,494,000 after buying an additional 26,081 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Bandwidth by 299.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 688,430 shares of the company’s stock worth $12,268,000 after acquiring an additional 516,117 shares in the last quarter. Walleye Capital LLC acquired a new position in Bandwidth during the first quarter worth $1,069,000. Dimensional Fund Advisors LP lifted its holdings in shares of Bandwidth by 6.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,551,508 shares of the company’s stock valued at $27,647,000 after acquiring an additional 91,812 shares during the period. Finally, Bastion Asset Management Inc. bought a new position in shares of Bandwidth during the first quarter valued at $6,592,000. 68.53% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the stock. Needham & Company LLC boosted their target price on shares of Bandwidth from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a research report on Monday, April 20th. Zacks Research upgraded shares of Bandwidth from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Citizens Jmp upped their price objective on shares of Bandwidth from $45.00 to $70.00 and gave the company a “market outperform” rating in a research report on Friday. Finally, B. Riley Financial increased their target price 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 investment 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 company. According to MarketBeat.com, Bandwidth presently has a consensus rating of “Moderate Buy” and an average target price of $43.25.
Get Our Latest Research Report on Bandwidth
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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