Arizona State Retirement System trimmed its position in shares of Bandwidth Inc. (NASDAQ:BAND) by 6.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,698 shares of the company’s stock after selling 405 shares during the period. Arizona State Retirement System’s holdings in Bandwidth were worth $786,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in BAND. Dimensional Fund Advisors LP raised its holdings in Bandwidth by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 44,180 shares of the company’s stock valued at $6,789,000 after buying an additional 1,945 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Bandwidth in the first quarter valued at about $739,000. State of New Jersey Common Pension Fund D grew its position in shares of Bandwidth by 18.1% in the first quarter. State of New Jersey Common Pension Fund D now owns 14,934 shares of the company’s stock valued at $1,893,000 after purchasing an additional 2,292 shares during the last quarter. Ziegler Capital Management LLC grew its position in shares of Bandwidth by 54.1% in the first quarter. Ziegler Capital Management LLC now owns 34,757 shares of the company’s stock valued at $4,405,000 after purchasing an additional 12,203 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its position in shares of Bandwidth by 19.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 386,089 shares of the company’s stock valued at $48,933,000 after purchasing an additional 63,085 shares during the last quarter. Institutional investors and hedge funds own 93.88% of the company’s stock.
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NASDAQ BAND opened at $106.67 on Monday. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.06. The stock’s 50 day moving average is $122.33 and its two-hundred day moving average is $127.06. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -76.19, a PEG ratio of 53.87 and a beta of 0.42. Bandwidth Inc. has a 1-year low of $102.39 and a 1-year high of $198.60.
Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Wednesday, August 4th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.36. The company had revenue of $120.66 million for the quarter, compared to the consensus estimate of $116.51 million. Bandwidth had a positive return on equity of 3.68% and a negative net margin of 7.99%. On average, analysts predict that Bandwidth Inc. will post 0.2 earnings per share for the current year.
In other news, insider Rebecca Bottorff sold 528 shares of Bandwidth stock in a transaction that occurred on Thursday, June 24th. The shares were sold at an average price of $135.00, for a total value of $71,280.00. Following the completion of the transaction, the insider now owns 6,189 shares in the company, valued at $835,515. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kade Ross sold 500 shares of Bandwidth stock in a transaction that occurred on Friday, June 11th. The shares were sold at an average price of $125.03, for a total transaction of $62,515.00. Following the completion of the transaction, the insider now owns 3,605 shares of the company’s stock, valued at approximately $450,733.15. The disclosure for this sale can be found here. Insiders have sold 1,572 shares of company stock worth $203,543 over the last ninety days. Company insiders own 11.05% of the company’s stock.
Several equities research analysts have recently issued reports on BAND shares. started coverage on Bandwidth in a research report on Wednesday, July 7th. They issued a “neutral” rating and a $155.00 price target on the stock. Piper Sandler began coverage on Bandwidth in a research report on Thursday, June 17th. They issued a “neutral” rating and a $135.00 price target on the stock. began coverage on Bandwidth in a research report on Wednesday, July 7th. They set a “neutral” rating and a $155.00 target price on the stock. Needham & Company LLC began coverage on Bandwidth in a research report on Tuesday, June 22nd. They set a “buy” rating and a $155.00 target price on the stock. Finally, KeyCorp lifted their target price on Bandwidth from $150.00 to $154.00 and gave the stock an “overweight” rating in a research report on Friday, August 6th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $166.77.
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.
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