Bandwidth (NASDAQ:BAND) Price Target Cut to $32.00

Bandwidth (NASDAQ:BAND – Get Rating) had its price target cut by JMP Securities from $55.00 to $32.00 in a research note released on Wednesday morning, The Fly reports. They currently have an outperform rating on the stock.

BAND has been the subject of a number of other research reports. Morgan Stanley reduced their price target on Bandwidth from $23.00 to $21.00 and set an equal weight rating for the company in a research report on Friday, February 24th. KeyCorp cut their price objective on Bandwidth from $29.00 to $27.00 and set an overweight rating for the company in a research report on Friday, February 24th. Piper Sandler cut Bandwidth from an overweight rating to a neutral rating and boosted their price objective for the stock from $18.00 to $25.00 in a research report on Tuesday, January 17th. Barclays cut their price objective on Bandwidth from $30.00 to $25.00 and set an overweight rating for the company in a research report on Friday, February 24th. Finally, Citigroup boosted their price objective on Bandwidth from $17.00 to $19.00 and gave the stock a neutral rating in a research report on Monday, February 27th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $26.89.

Bandwidth Price Performance

Shares of NASDAQ:BAND opened at $15.18 on Wednesday. Bandwidth has a fifty-two week low of $9.20 and a fifty-two week high of $34.89. The business has a 50-day moving average of $21.17 and a two-hundred day moving average of $18.79. The stock has a market capitalization of $386.18 million, a P/E ratio of -21.38 and a beta of 1.26. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.45 and a quick ratio of 2.45.

Bandwidth (NASDAQ:BAND – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Bandwidth had a negative return on equity of 0.49% and a net margin of 3.41%. The company had revenue of $157.00 million during the quarter, compared to analysts’ expectations of $146.96 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, equities research analysts predict that Bandwidth will post -0.02 EPS for the current fiscal year.

Insider Activity at Bandwidth

In other news, Director Lukas M. Roush purchased 9,200 shares of the stock in a transaction that occurred on Friday, March 3rd. The shares were purchased at an average cost of $15.99 per share, for a total transaction of $147,108.00. Following the completion of the purchase, the director now directly owns 23,890 shares of the company’s stock, valued at approximately $382,001.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 5.79% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its stake in Bandwidth by 5.0% during the fourth quarter. Legal & General Group Plc now owns 8,699 shares of the company’s stock valued at $200,000 after acquiring an additional 414 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of Bandwidth by 1.5% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 33,138 shares of the company’s stock valued at $394,000 after purchasing an additional 486 shares during the period. Raymond James & Associates grew its stake in shares of Bandwidth by 4.3% in the 4th quarter. Raymond James & Associates now owns 11,782 shares of the company’s stock valued at $270,000 after purchasing an additional 487 shares during the period. Advisor Group Holdings Inc. grew its stake in shares of Bandwidth by 24.4% in the 4th quarter. Advisor Group Holdings Inc. now owns 3,610 shares of the company’s stock valued at $83,000 after purchasing an additional 709 shares during the period. Finally, CWM LLC grew its stake in shares of Bandwidth by 78.9% in the 4th quarter. CWM LLC now owns 1,769 shares of the company’s stock valued at $41,000 after purchasing an additional 780 shares during the period. 71.12% of the stock is currently owned by institutional investors.

Bandwidth Company Profile

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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.