Barclays Cuts Bandwidth (NASDAQ:BAND) Price Target to $22.00

Bandwidth (NASDAQ:BAND) had its price target decreased by Barclays from $25.00 to $22.00 in a research report report published on Friday,Benzinga reports. Barclays currently has an overweight rating on the stock.

BAND has been the topic of several other reports. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Morgan Stanley raised their price objective on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Finally, Robert W. Baird raised their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.33.

Bandwidth Stock Down 2.6 %

NASDAQ BAND opened at $17.00 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $467.67 million, a PE ratio of -29.82 and a beta of 1.54. Bandwidth has a 1 year low of $11.90 and a 1 year high of $25.02. The business’s 50-day moving average is $17.44 and its 200 day moving average is $17.87.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, February 20th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.36). The business had revenue of $209.97 million during the quarter, compared to the consensus estimate of $203.68 million. Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. During the same period in the previous year, the business earned $0.38 earnings per share. Sell-side analysts forecast that Bandwidth will post 0.22 earnings per share for the current year.

Insider Activity

In other news, CFO Daryl Raiford sold 4,371 shares of Bandwidth stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.70, for a total transaction of $90,479.70. Following the completion of the transaction, the chief financial officer now directly owns 93,451 shares in the company, valued at approximately $1,934,435.70. This trade represents a 4.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of Bandwidth stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the transaction, the general counsel now owns 41,825 shares of the company’s stock, valued at $889,199.50. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,417 shares of company stock worth $1,063,184. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

Several large investors have recently made changes to their positions in BAND. Assenagon Asset Management S.A. lifted its holdings 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 purchasing an additional 222,142 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Bandwidth by 61.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company’s stock worth $8,928,000 after acquiring an additional 200,387 shares during the last quarter. FMR LLC raised its holdings in Bandwidth by 70.3% in the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock worth $6,500,000 after acquiring an additional 153,223 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Bandwidth by 88.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 285,559 shares of the company’s stock worth $4,860,000 after acquiring an additional 133,715 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Bandwidth by 9.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company’s stock worth $21,260,000 after acquiring an additional 112,269 shares during the last quarter. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

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.