Victory Capital Management Inc. increased its holdings in Bandwidth Inc. (NASDAQ:BAND) by 7.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,055,425 shares of the company’s stock after purchasing an additional 71,285 shares during the period. Victory Capital Management Inc. owned approximately 4.24% of Bandwidth worth $184,245,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Valeo Financial Advisors LLC increased its position in Bandwidth by 2,264.7% in the third quarter. Valeo Financial Advisors LLC now owns 402 shares of the company’s stock worth $70,000 after purchasing an additional 385 shares during the last quarter. Nisa Investment Advisors LLC bought a new position in Bandwidth during the third quarter valued at $79,000. Liberty One Investment Management LLC bought a new position in Bandwidth during the second quarter valued at $59,000. Harvest Fund Management Co. Ltd bought a new position in Bandwidth during the third quarter valued at $108,000. Finally, Spectrum Wealth Advisory Group LLC bought a new position in Bandwidth during the third quarter valued at $212,000. Institutional investors own 89.87% of the company’s stock.
BAND has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Bandwidth from $170.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, October 13th. JMP Securities upped their price target on shares of Bandwidth from $180.00 to $206.00 and gave the stock an “outperform” rating in a report on Tuesday, October 13th. TheStreet upgraded shares of Bandwidth from a “d” rating to a “c-” rating in a report on Monday, November 9th. BidaskClub cut shares of Bandwidth from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Zacks Investment Research upgraded shares of Bandwidth from a “sell” rating to a “hold” rating and set a $206.00 price target on the stock in a report on Thursday, October 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $180.25.
In other news, Director Douglas A. Suriano sold 234 shares of Bandwidth stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $175.90, for a total transaction of $41,160.60. Following the transaction, the director now directly owns 5,565 shares in the company, valued at approximately $978,883.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kade Ross sold 500 shares of Bandwidth stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $166.60, for a total value of $83,300.00. The disclosure for this sale can be found here. Insiders have sold 1,234 shares of company stock valued at $213,106 over the last 90 days. 11.05% of the stock is currently owned by insiders.
Shares of NASDAQ:BAND traded down $0.30 on Tuesday, hitting $141.35. The company had a trading volume of 1,455 shares, compared to its average volume of 427,839. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.89. Bandwidth Inc. has a 52-week low of $50.89 and a 52-week high of $198.60. The business has a 50 day moving average of $168.76 and a 200 day moving average of $141.41. The company has a market cap of $3.52 billion, a PE ratio of -131.16, a PEG ratio of 115.07 and a beta of 0.80.
Bandwidth (NASDAQ:BAND) last released its earnings results on Thursday, October 29th. The company reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.36. Bandwidth had a positive return on equity of 0.86% and a negative net margin of 8.90%. The firm had revenue of $84.80 million for the quarter, compared to the consensus estimate of $75.49 million. During the same period in the prior year, the business posted ($0.06) earnings per share. The firm’s revenue for the quarter was up 39.0% compared to the same quarter last year. As a group, equities analysts predict that Bandwidth Inc. will post 0.06 EPS for the current year.
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider in the United States. The company operates in two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.
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