Insider Selling: Bandwidth Inc (BAND) CEO Sells $5,250,753.36 in Stock

Bandwidth Inc (NASDAQ:BAND) CEO David A. Morken sold 126,008 shares of the company’s stock in a transaction on Tuesday, January 8th. The shares were sold at an average price of $41.67, for a total transaction of $5,250,753.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Shares of BAND stock opened at $41.61 on Friday. The stock has a market cap of $811.84 million, a PE ratio of 84.92 and a beta of 0.55. Bandwidth Inc has a 1-year low of $19.45 and a 1-year high of $57.50.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Tuesday, October 30th. The company reported ($0.05) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.15. Bandwidth had a net margin of 9.58% and a return on equity of 4.99%. The business had revenue of $50.50 million for the quarter, compared to analyst estimates of $47.94 million. During the same period in the prior year, the firm posted $0.15 EPS. The company’s revenue was up 22.3% on a year-over-year basis. As a group, research analysts anticipate that Bandwidth Inc will post 0.09 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc raised its stake in shares of Bandwidth by 101.4% during the third quarter. Vanguard Group Inc now owns 343,435 shares of the company’s stock valued at $18,398,000 after purchasing an additional 172,903 shares during the period. Vanguard Group Inc. raised its stake in shares of Bandwidth by 101.4% during the third quarter. Vanguard Group Inc. now owns 343,435 shares of the company’s stock valued at $18,398,000 after purchasing an additional 172,903 shares during the period. Morgan Stanley raised its stake in shares of Bandwidth by 124.3% during the third quarter. Morgan Stanley now owns 94,812 shares of the company’s stock valued at $5,079,000 after purchasing an additional 52,542 shares during the period. Man Group plc acquired a new stake in shares of Bandwidth during the third quarter worth approximately $348,000. Finally, LPL Financial LLC grew its position in shares of Bandwidth by 21.5% during the third quarter. LPL Financial LLC now owns 38,791 shares of the company’s stock worth $2,078,000 after buying an additional 6,853 shares in the last quarter. Institutional investors own 39.35% of the company’s stock.

A number of equities analysts have commented on BAND shares. Canaccord Genuity upped their price objective on shares of Bandwidth from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, October 31st. Morgan Stanley upped their price objective on shares of Bandwidth from $40.00 to $44.00 and gave the stock a “hold” rating in a research report on Wednesday, October 31st. ValuEngine upgraded shares of Bandwidth from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Finally, Zacks Investment Research downgraded shares of Bandwidth from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 5th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $48.00.

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About Bandwidth

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides 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.

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