Canaccord Genuity Reaffirms Buy Rating for Bandwidth (NASDAQ:BAND)

Canaccord Genuity reaffirmed their buy rating on shares of Bandwidth (NASDAQ:BAND) in a research note issued to investors on Thursday, AnalystRatings.com reports. They currently have a $175.00 price objective on the stock.

A number of other research firms also recently weighed in on BAND. Zacks Investment Research downgraded Bandwidth from a buy rating to a hold rating and set a $145.00 target price on the stock. in a report on Thursday, July 23rd. Morgan Stanley raised their price objective on shares of Bandwidth from $95.00 to $115.00 and gave the stock an equal weight rating in a report on Wednesday, July 22nd. JMP Securities upped their target price on shares of Bandwidth from $95.00 to $99.00 and gave the company a market outperform rating in a report on Friday, May 1st. BidaskClub upgraded shares of Bandwidth from a buy rating to a strong-buy rating in a research note on Thursday. Finally, KeyCorp upped their price objective on Bandwidth from $120.00 to $125.00 and gave the stock an overweight rating in a research note on Thursday, June 11th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Bandwidth currently has a consensus rating of Buy and a consensus price target of $140.57.

Shares of BAND stock opened at $144.78 on Thursday. The company has a quick ratio of 12.89, a current ratio of 12.89 and a debt-to-equity ratio of 0.82. The company has a 50 day moving average price of $130.29 and a 200-day moving average price of $92.98. Bandwidth has a 52 week low of $42.61 and a 52 week high of $156.99. The firm has a market capitalization of $3.45 billion, a PE ratio of -141.94 and a beta of 0.80.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, July 30th. The company reported $0.13 EPS for the quarter. The business had revenue of $76.79 million during the quarter, compared to the consensus estimate of $70.44 million. Bandwidth had a negative net margin of 9.21% and a negative return on equity of 1.45%. Analysts anticipate that Bandwidth will post -0.35 earnings per share for the current year.

In other Bandwidth news, CFO Jeffrey A. Hoffman sold 10,000 shares of Bandwidth stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $94.89, for a total value of $948,900.00. Following the sale, the chief financial officer now directly owns 21,366 shares in the company, valued at approximately $2,027,419.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas A. Suriano sold 1,644 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $96.50, for a total transaction of $158,646.00. Following the completion of the sale, the director now owns 4,631 shares in the company, valued at approximately $446,891.50. The disclosure for this sale can be found here. Insiders have sold a total of 147,271 shares of company stock worth $17,862,643 in the last three months. 11.05% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. purchased a new position in Bandwidth during the 2nd quarter valued at approximately $43,000. Oppenheimer Asset Management Inc. bought a new stake in Bandwidth in the first quarter worth $27,000. Liberty One Investment Management LLC purchased a new stake in Bandwidth during the second quarter valued at $59,000. Carroll Financial Associates Inc. lifted its position in Bandwidth by 563.5% during the second quarter. Carroll Financial Associates Inc. now owns 564 shares of the company’s stock valued at $71,000 after purchasing an additional 479 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Bandwidth in the 4th quarter worth $70,000. 84.67% of the stock is owned by institutional investors.

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.

Further Reading: Net Margin

Analyst Recommendations for Bandwidth (NASDAQ:BAND)

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