Victory Capital Management Inc. raised its stake in Bandwidth Inc. (NASDAQ:BAND) by 7.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,055,425 shares of the company’s stock after acquiring an additional 71,285 shares during the period. Victory Capital Management Inc. owned 4.24% of Bandwidth worth $184,245,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Valeo Financial Advisors LLC raised 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 in the last quarter. Nisa Investment Advisors LLC bought a new stake in shares of Bandwidth in the 3rd quarter valued at $79,000. Liberty One Investment Management LLC purchased a new stake in shares of Bandwidth in the second quarter valued at about $59,000. Harvest Fund Management Co. Ltd purchased a new stake in Bandwidth in the third quarter valued at approximately $108,000. Finally, Spectrum Wealth Advisory Group LLC purchased a new position in shares of Bandwidth during the third quarter worth approximately $212,000. Institutional investors and hedge funds own 89.87% of the company’s stock.
Several equities research analysts have weighed in on the company. Canaccord Genuity raised their price target on Bandwidth from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, October 13th. Morgan Stanley downgraded Bandwidth from an “equal weight” rating to an “underweight” rating and set a $140.00 target price for the company. in a research note on Wednesday, October 7th. BidaskClub cut shares of Bandwidth from a “hold” rating to a “sell” rating in a report on Tuesday. TheStreet upgraded shares of Bandwidth from a “d” rating to a “c-” rating in a research note on Monday, November 9th. Finally, ValuEngine raised shares of Bandwidth from a “hold” rating to a “buy” rating in a research note on Thursday, October 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $180.25.
NASDAQ BAND traded down $0.30 during trading hours on Tuesday, reaching $141.35. 1,455 shares of the company were exchanged, compared to its average volume of 427,839. The business’s 50 day simple moving average is $168.76 and its 200-day simple moving average is $141.41. The stock has a market capitalization of $3.52 billion, a P/E ratio of -131.16, a P/E/G ratio of 115.07 and a beta of 0.80. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.89. Bandwidth Inc. has a 1 year low of $50.89 and a 1 year high of $198.60.
Bandwidth (NASDAQ:BAND) last posted its quarterly 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 business had revenue of $84.80 million during the quarter, compared to the consensus estimate of $75.49 million. During the same period in the prior year, the company posted ($0.06) EPS. The firm’s revenue for the quarter was up 39.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bandwidth Inc. will post 0.06 earnings per share for the current year.
In other Bandwidth news, Director Douglas A. Suriano sold 234 shares of the firm’s 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 completion of the transaction, the director now owns 5,565 shares of the company’s stock, valued at $978,883.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kade Ross sold 500 shares of the firm’s 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 sold a total of 1,234 shares of company stock worth $213,106 in the last quarter. Company insiders own 11.05% of the company’s stock.
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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