Bandwidth (NASDAQ:BAND) Shares Gap Down to $22.82

Bandwidth Inc. (NASDAQ:BAND)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $22.82, but opened at $20.88. Bandwidth shares last traded at $19.09, with a volume of 25,495 shares changing hands.

Wall Street Analyst Weigh In

BAND has been the subject of a number of research reports. JMP Securities upped their target price on shares of Bandwidth from $32.00 to $36.00 and gave the company a “market outperform” rating in a report on Wednesday, May 8th. KeyCorp upped their price target on Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Robert W. Baird cut their price objective on Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a research report on Friday. Barclays reduced their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $25.71.

Bandwidth Stock Performance

The stock’s 50 day simple moving average is $18.75 and its 200 day simple moving average is $17.87. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.36 and a quick ratio of 2.36.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Bandwidth had a negative return on equity of 1.92% and a negative net margin of 3.21%. The firm had revenue of $174.00 million for the quarter, compared to analyst estimates of $173.18 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, equities analysts forecast that Bandwidth Inc. will post 0.16 EPS for the current fiscal year.

Insider Activity

In other news, insider Devin M. Krupka sold 2,500 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $21.61, for a total value of $54,025.00. Following the completion of the transaction, the insider now directly owns 7,262 shares of the company’s stock, valued at approximately $156,931.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Bandwidth news, insider Devin M. Krupka sold 2,500 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $21.61, for a total value of $54,025.00. Following the completion of the sale, the insider now directly owns 7,262 shares in the company, valued at $156,931.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lukas M. Roush acquired 4,963 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was purchased at an average cost of $16.12 per share, for a total transaction of $80,003.56. Following the completion of the acquisition, the director now directly owns 43,167 shares of the company’s stock, valued at approximately $695,852.04. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 32,973 shares of company stock worth $664,643. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

Institutional investors and hedge funds have recently modified their holdings of the business. Innealta Capital LLC acquired a new stake in Bandwidth in the second quarter valued at approximately $30,000. Ameritas Investment Partners Inc. grew its stake in Bandwidth by 31.6% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock valued at $43,000 after acquiring an additional 565 shares during the period. Quest Partners LLC acquired a new stake in Bandwidth in the 4th quarter valued at $145,000. Bayesian Capital Management LP purchased a new stake in Bandwidth in the 1st quarter worth $187,000. Finally, Resurgent Financial Advisors LLC raised its position in Bandwidth by 4.6% during the first quarter. Resurgent Financial Advisors LLC now owns 11,840 shares of the company’s stock worth $216,000 after acquiring an additional 520 shares during the period. Hedge funds and other institutional investors own 68.53% of the company’s stock.

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.