Balyasny Asset Management L.P. Has $784,000 Position in Bandwidth Inc. (NASDAQ:BAND)

Balyasny Asset Management L.P. boosted its holdings in Bandwidth Inc. (NASDAQ:BAND) by 113.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,066 shares of the company’s stock after acquiring an additional 24,508 shares during the quarter. Balyasny Asset Management L.P. owned 0.17% of Bandwidth worth $784,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its stake in Bandwidth by 61.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company’s stock worth $8,928,000 after buying an additional 200,387 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Bandwidth by 88.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 285,559 shares of the company’s stock worth $4,860,000 after buying an additional 133,715 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Bandwidth by 9.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company’s stock worth $21,260,000 after buying an additional 112,269 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in Bandwidth by 260.3% during the fourth quarter. Segall Bryant & Hamill LLC now owns 122,087 shares of the company’s stock worth $2,078,000 after buying an additional 88,198 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Bandwidth by 15.3% during the fourth quarter. Renaissance Technologies LLC now owns 651,300 shares of the company’s stock worth $11,085,000 after buying an additional 86,200 shares during the last quarter. Institutional investors own 68.53% of the company’s stock.

Bandwidth Stock Performance

Shares of BAND opened at $14.58 on Thursday. The firm has a 50-day moving average of $13.31 and a 200-day moving average of $16.45. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market cap of $417.34 million, a PE ratio of -25.58 and a beta of 1.88. Bandwidth Inc. has a one year low of $11.33 and a one year high of $23.90.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Wednesday, May 7th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. Bandwidth had a negative net margin of 0.87% and a positive return on equity of 0.53%. The company had revenue of $174.24 million during the quarter, compared to analysts’ expectations of $168.96 million. During the same quarter last year, the company posted $0.27 EPS. Bandwidth’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, equities analysts forecast that Bandwidth Inc. will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Bandwidth

In other Bandwidth news, General Counsel Richard Brandon Asbill sold 5,629 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.70, for a total transaction of $88,375.30. Following the sale, the general counsel now directly owns 57,475 shares of the company’s stock, valued at $902,357.50. The trade was a 8.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daryl Raiford sold 24,253 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.58, for a total transaction of $377,861.74. Following the sale, the chief financial officer now directly owns 113,795 shares in the company, valued at $1,772,926.10. The trade was a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,721 shares of company stock valued at $992,965 in the last ninety days. 6.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on BAND shares. William Blair reaffirmed an “outperform” rating on shares of Bandwidth in a research note on Friday, February 21st. Needham & Company LLC started coverage on shares of Bandwidth in a research report on Wednesday, May 7th. They set a “buy” rating and a $20.00 target price on the stock. Robert W. Baird reduced their target price on shares of Bandwidth from $20.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Morgan Stanley reduced their target price on shares of Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Barclays reduced their target price on shares of Bandwidth from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Bandwidth currently has a consensus rating of “Moderate Buy” and an average price target of $20.80.

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.