Bandwidth Inc. (NASDAQ:BAND) Short Interest Down 6.0% in December

Bandwidth Inc. (NASDAQ:BAND) saw a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 749,900 shares, a drop of 6.0% from the November 30th total of 797,500 shares. Based on an average daily trading volume, of 246,600 shares, the days-to-cover ratio is presently 3.0 days.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAND shares. Robert W. Baird upped their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. Finally, Morgan Stanley increased their price target on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $28.83.

Bandwidth Price Performance

NASDAQ BAND traded up $0.13 on Wednesday, reaching $17.02. The company had a trading volume of 280,742 shares, compared to its average volume of 302,649. The stock has a market capitalization of $468.22 million, a PE ratio of -18.30 and a beta of 1.51. Bandwidth has a 12 month low of $11.90 and a 12 month high of $25.02. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm’s 50 day moving average price is $19.15 and its 200 day moving average price is $18.07.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.11. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The company had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $182.05 million. During the same quarter in the previous year, the business posted $0.03 earnings per share. Bandwidth’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, equities analysts predict that Bandwidth will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In other Bandwidth news, General Counsel Richard Brandon Asbill sold 5,561 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $118,226.86. Following the completion of the sale, the general counsel now owns 41,825 shares in the company, valued at $889,199.50. This represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Devin M. Krupka sold 3,658 shares of Bandwidth stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $77,769.08. Following the transaction, the insider now directly owns 11,097 shares in the company, valued at approximately $235,922.22. The trade was a 24.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,733 shares of company stock valued at $948,310. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Bandwidth

Several large investors have recently modified their holdings of BAND. Point72 Asset Management L.P. boosted its stake in shares of Bandwidth by 411.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after purchasing an additional 480,933 shares during the period. Acadian Asset Management LLC boosted its position in shares of Bandwidth by 79.8% during the second quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock valued at $10,353,000 after buying an additional 272,309 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Bandwidth by 185.5% during the third quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock valued at $5,987,000 after buying an additional 222,142 shares during the last quarter. FMR LLC raised its holdings in shares of Bandwidth by 70.3% in the third quarter. FMR LLC now owns 371,215 shares of the company’s stock worth $6,500,000 after buying an additional 153,223 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Bandwidth by 35.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 324,199 shares of the company’s stock worth $5,677,000 after acquiring an additional 83,979 shares during the last quarter. Institutional investors own 68.53% of the company’s stock.

About Bandwidth

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.