ValuEngine Upgrades Bandwidth (NASDAQ:BAND) to “Hold”

Bandwidth (NASDAQ:BAND) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, ValuEngine reports.

A number of other research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Bandwidth from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Morgan Stanley cut shares of Bandwidth from an “underweight” rating to an “equal” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. began coverage on shares of Bandwidth in a report on Wednesday, July 3rd. They issued an “overweight” rating and a $90.00 price target on the stock. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Bandwidth has an average rating of “Buy” and a consensus price target of $77.50.

Shares of NASDAQ BAND traded down $2.71 during mid-day trading on Tuesday, reaching $55.80. The company had a trading volume of 297,411 shares, compared to its average volume of 241,532. The business’s 50-day moving average is $68.94 and its 200-day moving average is $74.31. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 180.00 and a beta of 0.60. Bandwidth has a 52 week low of $27.75 and a 52 week high of $90.63.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.19. The firm had revenue of $56.80 million for the quarter, compared to analysts’ expectations of $55.06 million. Bandwidth had a net margin of 3.14% and a negative return on equity of 4.97%. The business’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. As a group, sell-side analysts predict that Bandwidth will post -0.68 earnings per share for the current year.

In other Bandwidth news, major shareholder Henry R. Kaestner sold 16,685 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $85.45, for a total transaction of $1,425,733.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jeffrey A. Hoffman sold 10,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $85.04, for a total transaction of $850,400.00. The disclosure for this sale can be found here. Corporate insiders own 15.27% of the company’s stock.

A number of institutional investors have recently modified their holdings of BAND. BlackRock Inc. grew its holdings in Bandwidth by 203.4% during the 2nd quarter. BlackRock Inc. now owns 1,355,046 shares of the company’s stock worth $101,654,000 after acquiring an additional 908,410 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Bandwidth by 184.6% during the second quarter. D. E. Shaw & Co. Inc. now owns 271,039 shares of the company’s stock valued at $20,333,000 after buying an additional 175,789 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Bandwidth by 25.1% during the second quarter. Vanguard Group Inc. now owns 741,455 shares of the company’s stock valued at $55,625,000 after buying an additional 148,865 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Bandwidth by 11.6% during the second quarter. Bank of New York Mellon Corp now owns 1,218,849 shares of the company’s stock valued at $91,438,000 after buying an additional 126,250 shares during the last quarter. Finally, Putnam Investments LLC lifted its position in shares of Bandwidth by 31.6% during the second quarter. Putnam Investments LLC now owns 377,670 shares of the company’s stock valued at $28,333,000 after buying an additional 90,633 shares during the last quarter. Institutional investors own 65.47% of the company’s stock.

About Bandwidth

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.

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