Bandwidth (NASDAQ:BAND) Price Target Cut to $11.00 by Analysts at Morgan Stanley

Bandwidth (NASDAQ:BAND) had its price target trimmed by Morgan Stanley from $18.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other research analysts have also recently issued reports on BAND. William Blair reiterated an “outperform” rating on shares of Bandwidth in a research note on Friday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday, February 21st. Finally, Barclays dropped their price target on shares of Bandwidth from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.17.

Bandwidth Stock Performance

Shares of BAND stock opened at $11.82 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.90. The company’s fifty day moving average price is $14.92 and its 200-day moving average price is $17.08. The stock has a market cap of $338.34 million, a PE ratio of -20.74 and a beta of 1.89. Bandwidth has a 12 month low of $11.47 and a 12 month high of $25.02.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.36). Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. The business had revenue of $209.97 million during the quarter, compared to analysts’ expectations of $203.68 million. During the same quarter last year, the company posted $0.38 EPS. On average, equities analysts expect that Bandwidth will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Daryl Raiford sold 24,253 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.58, for a total value of $377,861.74. Following the sale, the chief financial officer now owns 113,795 shares in the company, valued at approximately $1,772,926.10. This trade represents a 17.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Richard Brandon Asbill sold 9,878 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $15.24, for a total transaction of $150,540.72. Following the sale, the general counsel now owns 42,475 shares of the company’s stock, valued at approximately $647,319. This represents a 18.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,220 shares of company stock worth $1,000,954. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BAND. Charles Schwab Investment Management Inc. increased its position in shares of Bandwidth by 12.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 300,076 shares of the company’s stock valued at $5,107,000 after purchasing an additional 32,709 shares during the last quarter. Geode Capital Management LLC grew its position in Bandwidth by 3.6% during the third quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock valued at $9,960,000 after buying an additional 19,832 shares during the period. State Street Corp increased its holdings in Bandwidth by 3.7% during the third quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after buying an additional 23,352 shares during the last quarter. Versor Investments LP increased its holdings in Bandwidth by 136.1% during the fourth quarter. Versor Investments LP now owns 27,757 shares of the company’s stock valued at $472,000 after buying an additional 16,000 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in Bandwidth in the fourth quarter worth approximately $384,000. 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.