David A. Morken Sells 15,410 Shares of Bandwidth Inc. (NASDAQ:BAND) Stock

Bandwidth Inc. (NASDAQ:BAND) CEO David A. Morken sold 15,410 shares of Bandwidth stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $327,616.60. Following the completion of the transaction, the chief executive officer now owns 101,821 shares in the company, valued at approximately $2,164,714.46. This trade represents a 13.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Bandwidth Trading Down 3.9 %

Shares of Bandwidth stock opened at $20.29 on Wednesday. The company has a 50-day moving average of $18.71 and a two-hundred day moving average of $18.29. The stock has a market cap of $558.18 million, a PE ratio of -21.82 and a beta of 1.51. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth Inc. has a 12-month low of $11.01 and a 12-month high of $25.02.

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

Wall Street Analysts Forecast Growth

BAND has been the topic of a number of recent analyst reports. Robert W. Baird boosted their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. JMP Securities reissued a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.33.

Institutional Investors Weigh In On Bandwidth

A number of large investors have recently bought and sold shares of the stock. Innealta Capital LLC acquired a new position in shares of Bandwidth in the second quarter worth $30,000. nVerses Capital LLC raised its stake in Bandwidth by 80.0% in the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after purchasing an additional 800 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in Bandwidth in the 2nd quarter valued at 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 purchasing an additional 1,245 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Bandwidth during the second quarter worth about $57,000. Institutional investors and hedge funds own 68.53% of the company’s stock.

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.