Bandwidth Inc. (NASDAQ:BAND) CEO Sells $72,335.53 in Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 4,999 shares of the firm’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $14.47, for a total value of $72,335.53. Following the completion of the transaction, the chief executive officer now directly owns 6,964 shares in the company, valued at $100,769.08. The trade was a 41.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Bandwidth Stock Down 2.4%

BAND stock opened at $14.06 on Monday. Bandwidth Inc. has a twelve month low of $11.33 and a twelve month high of $23.90. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. The stock has a market cap of $418.47 million, a P/E ratio of -24.67 and a beta of 1.88. The business’s 50-day moving average price is $13.14 and its 200-day moving average price is $15.99.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Bandwidth by 4.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,185 shares of the company’s stock worth $241,000 after purchasing an additional 608 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Bandwidth by 1.6% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 43,366 shares of the company’s stock worth $738,000 after purchasing an additional 699 shares in the last quarter. Rhumbline Advisers lifted its holdings in Bandwidth by 3.7% in the 1st quarter. Rhumbline Advisers now owns 35,603 shares of the company’s stock worth $466,000 after purchasing an additional 1,255 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Bandwidth by 14.5% in the 4th quarter. SG Americas Securities LLC now owns 11,102 shares of the company’s stock worth $189,000 after purchasing an additional 1,407 shares in the last quarter. Finally, Covestor Ltd purchased a new position in Bandwidth in the 4th quarter worth approximately $25,000. 68.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BAND shares. JMP Securities reissued a “market outperform” rating and issued a $36.00 target price on shares of Bandwidth in a research report on Thursday, May 15th. Robert W. Baird lowered their price objective on Bandwidth from $20.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Barclays lowered their price objective on Bandwidth from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Needham & Company LLC initiated coverage on Bandwidth in a research report on Wednesday, May 7th. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Morgan Stanley lowered their price objective on Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.80.

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.