Bandwidth (NASDAQ:BAND) Shares Gap Up – Here’s What Happened

Bandwidth Inc. (NASDAQ:BAND)’s share price gapped up before the market opened on Monday . The stock had previously closed at $18.71, but opened at $19.23. Bandwidth shares last traded at $19.67, with a volume of 54,740 shares.

Analysts Set New Price Targets

BAND has been the subject of several research analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $36.00 price objective on shares of Bandwidth in a report on Tuesday, August 27th. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Robert W. Baird raised their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $28.33.

Bandwidth Price Performance

The stock has a 50 day simple moving average of $19.17 and a 200-day simple moving average of $18.21. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm has a market cap of $527.37 million, a PE ratio of -20.47 and a beta of 1.51.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, October 31st. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.11. The firm had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 EPS. Equities analysts anticipate that Bandwidth Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity at Bandwidth

In related news, CFO Daryl Raiford sold 4,371 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.70, for a total transaction of $90,479.70. Following the completion of the sale, the chief financial officer now directly owns 93,451 shares in the company, valued at approximately $1,934,435.70. The trade was a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the completion of the sale, the general counsel now owns 41,825 shares in the company, valued at approximately $889,199.50. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,733 shares of company stock valued at $948,310 in the last ninety days. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Innealta Capital LLC bought a new stake in Bandwidth during the second quarter valued at $30,000. nVerses Capital LLC raised its position in Bandwidth by 80.0% during the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after buying an additional 800 shares during the period. Redwood Wealth Management Group LLC acquired a new position in Bandwidth in the 2nd quarter worth about $35,000. Quarry LP boosted its stake in shares of Bandwidth by 157.6% during the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after acquiring an additional 1,245 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Bandwidth in the 2nd quarter worth approximately $57,000. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Bandwidth Company Profile

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.