Morgan Stanley Increases Bandwidth (NASDAQ:BAND) Price Target to $18.00

Bandwidth (NASDAQ:BAND) had its target price hoisted by research analysts at Morgan Stanley from $17.00 to $18.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 0.11% from the stock’s previous close.

A number of other research firms also recently commented on BAND. Robert W. Baird boosted their target price on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. Finally, JMP Securities reissued a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $28.83.

Bandwidth Stock Performance

Shares of NASDAQ BAND opened at $17.98 on Wednesday. The stock has a fifty day moving average price of $19.24 and a two-hundred day moving average price of $18.21. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market cap of $494.63 million, a P/E ratio of -19.33 and a beta of 1.51. Bandwidth has a 1 year low of $11.90 and a 1 year high of $25.02.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data 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. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The business had revenue of $193.90 million during the quarter, compared to analyst estimates of $182.05 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. Research analysts forecast that Bandwidth will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Bandwidth news, insider Devin M. Krupka sold 3,658 shares of Bandwidth stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $77,769.08. Following the transaction, the insider now owns 11,097 shares of the company’s stock, valued at $235,922.22. The trade was a 24.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Devesh Agarwal sold 5,239 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $111,381.14. Following the completion of the sale, the chief operating officer now directly owns 38,839 shares of the company’s stock, valued at $825,717.14. This trade represents a 11.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,733 shares of company stock valued at $948,310. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in shares of Bandwidth by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after acquiring an additional 62,201 shares in the last quarter. State Street Corp increased its position in Bandwidth by 3.7% in the 3rd quarter. State Street Corp now owns 655,768 shares of the company’s stock worth $11,482,000 after purchasing an additional 23,352 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Bandwidth by 79.8% during the 2nd quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after purchasing an additional 272,309 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Bandwidth by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock valued at $10,199,000 after buying an additional 51,542 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after buying an additional 480,933 shares in the last quarter. 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.