Bandwidth (NASDAQ:BAND) Price Target Raised to $18.00

Bandwidth (NASDAQ:BAND) had its price objective boosted by equities research analysts at Morgan Stanley from $17.00 to $18.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s price objective indicates a potential downside of 6.10% from the company’s previous close.

Several other research firms also recently weighed in on BAND. JMP Securities reissued a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a research report on Tuesday, August 27th. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.83.

Bandwidth Stock Performance

Shares of Bandwidth stock opened at $19.17 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth has a 52 week low of $11.90 and a 52 week high of $25.02. The firm has a market capitalization of $527.37 million, a P/E ratio of -20.61 and a beta of 1.51. The firm’s 50 day moving average is $19.17 and its two-hundred day moving average is $18.21.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company had revenue of $193.90 million for the quarter, compared to the consensus estimate of $182.05 million. During the same period last year, the business posted $0.03 EPS. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. Research analysts forecast that Bandwidth will post 0.08 EPS for the current fiscal year.

Insider Activity at Bandwidth

In other news, General Counsel Richard Brandon Asbill sold 5,561 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the sale, the general counsel now directly owns 41,825 shares in the company, valued at $889,199.50. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daryl Raiford sold 4,371 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.70, for a total value of $90,479.70. Following the transaction, the chief financial officer now owns 93,451 shares of the company’s stock, valued at $1,934,435.70. This trade represents a 4.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,733 shares of company stock worth $948,310 over the last 90 days. 6.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BAND. Los Angeles Capital Management LLC increased its position in Bandwidth by 3.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 21,221 shares of the company’s stock worth $372,000 after purchasing an additional 740 shares in the last quarter. nVerses Capital LLC raised its position in shares of Bandwidth by 80.0% during the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock worth $32,000 after acquiring an additional 800 shares during the last quarter. Quarry LP boosted its stake in shares of Bandwidth by 157.6% during the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after buying an additional 1,245 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Bandwidth by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company’s stock valued at $850,000 after purchasing an additional 1,342 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Bandwidth in the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 68.53% of the company’s stock.

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.