Devesh Agarwal Sells 5,239 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) COO Devesh Agarwal sold 5,239 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $111,381.14. Following the sale, the chief operating officer now owns 38,839 shares of the company’s stock, valued at approximately $825,717.14. The trade was a 11.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Bandwidth Stock Performance

Bandwidth stock opened at $20.77 on Thursday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average of $18.79 and a 200-day moving average of $18.30. The firm has a market cap of $571.38 million, a P/E ratio of -22.33 and a beta of 1.51. Bandwidth Inc. has a 1-year low of $11.01 and a 1-year high of $25.02.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. The company had revenue of $193.90 million during the quarter, compared to analyst estimates of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. Bandwidth’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. Sell-side analysts expect that Bandwidth Inc. will post 0.08 EPS for the current year.

Hedge Funds Weigh In On Bandwidth

Institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC raised its stake in Bandwidth by 143.9% in the second quarter. Hsbc Holdings PLC now owns 55,259 shares of the company’s stock worth $929,000 after buying an additional 32,598 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Bandwidth in the third quarter worth about $747,000. Squarepoint Ops LLC bought a new position in Bandwidth in the second quarter worth about $1,113,000. Panagora Asset Management Inc. raised its stake in Bandwidth by 50.0% in the second quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock worth $2,356,000 after buying an additional 46,547 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Bandwidth by 185.5% in the third quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock worth $5,987,000 after buying an additional 222,142 shares in the last quarter. 68.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BAND has been the subject of several analyst reports. Robert W. Baird upped their price target on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. Finally, JMP Securities restated a “market outperform” rating and set a $36.00 price target on shares of Bandwidth in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.33.

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.