Bandwidth Inc. (NASDAQ:BAND) Stock Position Decreased by Point72 Asset Management L.P.

Point72 Asset Management L.P. cut its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 13.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 281,200 shares of the company’s stock after selling 42,500 shares during the quarter. Point72 Asset Management L.P.’s holdings in Bandwidth were worth $35,639,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Premier Fund Managers Ltd boosted its stake in shares of Bandwidth by 37.3% during the 1st quarter. Premier Fund Managers Ltd now owns 57,645 shares of the company’s stock worth $7,054,000 after acquiring an additional 15,669 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Bandwidth by 5.8% during the 1st quarter. Clearbridge Investments LLC now owns 858,256 shares of the company’s stock worth $108,775,000 after acquiring an additional 46,791 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Bandwidth by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 44,180 shares of the company’s stock worth $6,789,000 after acquiring an additional 1,945 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Bandwidth by 24.2% during the 1st quarter. SG Americas Securities LLC now owns 31,199 shares of the company’s stock worth $3,954,000 after acquiring an additional 6,077 shares in the last quarter. Finally, Vident Investment Advisory LLC boosted its stake in shares of Bandwidth by 112.0% during the 1st quarter. Vident Investment Advisory LLC now owns 3,665 shares of the company’s stock worth $465,000 after acquiring an additional 1,936 shares in the last quarter. 92.21% of the stock is owned by institutional investors and hedge funds.

In other Bandwidth news, Director Douglas A. Suriano sold 800 shares of the firm’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $137.09, for a total transaction of $109,672.00. Following the completion of the transaction, the director now owns 5,125 shares in the company, valued at $702,586.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David A. Morken sold 2,562 shares of the firm’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $136.91, for a total transaction of $350,763.42. Following the transaction, the chief executive officer now owns 3,979 shares of the company’s stock, valued at approximately $544,764.89. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,789 shares of company stock valued at $1,180,385. Corporate insiders own 11.05% of the company’s stock.

BAND stock opened at $133.00 on Thursday. Bandwidth Inc. has a twelve month low of $107.01 and a twelve month high of $198.60. The firm has a market capitalization of $3.34 billion, a P/E ratio of -67.30 and a beta of 0.47. The business’s 50-day moving average price is $126.07. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 1.05.

Bandwidth (NASDAQ:BAND) last released its earnings results on Tuesday, May 4th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.29. The business had revenue of $113.48 million for the quarter, compared to the consensus estimate of $108.37 million. Bandwidth had a positive return on equity of 2.94% and a negative net margin of 12.43%. Research analysts predict that Bandwidth Inc. will post -0.04 EPS for the current fiscal year.

Several equities research analysts have recently weighed in on the company. began coverage on Bandwidth in a research note on Wednesday, July 7th. They set a “neutral” rating and a $155.00 price objective for the company. Morgan Stanley cut their price objective on Bandwidth from $140.00 to $125.00 and set an “equal weight” rating for the company in a report on Friday, May 14th. Zacks Investment Research lowered Bandwidth from a “buy” rating to a “hold” rating and set a $135.00 price objective for the company. in a report on Friday, May 7th. Piper Sandler started coverage on Bandwidth in a report on Thursday, June 17th. They set a “neutral” rating and a $135.00 price objective for the company. Finally, Needham & Company LLC started coverage on Bandwidth in a report on Tuesday, June 22nd. They set a “buy” rating and a $155.00 target price on the stock. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Bandwidth currently has an average rating of “Buy” and a consensus price target of $170.60.

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.

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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