Price T Rowe Associates Inc. MD reduced its position in Bandwidth Inc. (NASDAQ:BAND) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,010 shares of the company’s stock after selling 344 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Bandwidth were worth $1,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. FORA Capital LLC bought a new position in shares of Bandwidth in the second quarter worth approximately $43,000. Baillie Gifford & Co. boosted its position in shares of Bandwidth by 100.0% in the second quarter. Baillie Gifford & Co. now owns 322 shares of the company’s stock worth $44,000 after purchasing an additional 161 shares during the period. First Mercantile Trust Co. boosted its position in shares of Bandwidth by 74.7% during the second quarter. First Mercantile Trust Co. now owns 678 shares of the company’s stock worth $94,000 after acquiring an additional 290 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Bandwidth during the second quarter worth $129,000. Finally, Creative Financial Designs Inc. ADV bought a new position in shares of Bandwidth during the second quarter worth $148,000. Institutional investors and hedge funds own 93.56% of the company’s stock.
BAND stock opened at $71.43 on Thursday. Bandwidth Inc. has a 52 week low of $62.07 and a 52 week high of $196.70. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -45.21, a P/E/G ratio of 22.05 and a beta of 0.44. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.12. The company’s fifty day simple moving average is $88.92.
In related news, CEO David A. Morken sold 358 shares of the firm’s stock in a transaction dated Friday, October 1st. The shares were sold at an average price of $86.89, for a total value of $31,106.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lukas M. Roush sold 584 shares of the firm’s stock in a transaction dated Monday, November 22nd. The stock was sold at an average price of $67.74, for a total transaction of $39,560.16. The disclosure for this sale can be found here. In the last three months, insiders sold 1,661 shares of company stock worth $133,324. Insiders own 5.59% of the company’s stock.
BAND has been the subject of a number of research reports. KeyCorp dropped their target price on shares of Bandwidth from $154.00 to $132.00 and set an “overweight” rating for the company in a research report on Tuesday, November 9th. Robert W. Baird dropped their target price on shares of Bandwidth from $180.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, October 27th. Canaccord Genuity dropped their target price on shares of Bandwidth from $210.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, November 9th. Zacks Investment Research upgraded shares of Bandwidth from a “hold” rating to a “buy” rating and set a $127.00 target price for the company in a research report on Tuesday, August 10th. Finally, William Blair restated a “buy” rating on shares of Bandwidth in a research report on Friday, August 6th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $149.85.
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.
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