Bandwidth Inc. (NASDAQ:BAND) Shares Sold by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lessened its holdings in shares of Bandwidth Inc. (NASDAQ:BAND) by 11.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,056 shares of the company’s stock after selling 770 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Bandwidth were worth $79,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. US Bancorp DE grew its holdings in Bandwidth by 11,281.3% during the first quarter. US Bancorp DE now owns 5,463 shares of the company’s stock worth $72,000 after acquiring an additional 5,415 shares during the period. Harbor Capital Advisors Inc. acquired a new position in Bandwidth during the first quarter worth $72,000. GAMMA Investing LLC grew its holdings in Bandwidth by 16,036.6% during the first quarter. GAMMA Investing LLC now owns 6,616 shares of the company’s stock worth $87,000 after acquiring an additional 6,575 shares during the period. CWM LLC grew its holdings in Bandwidth by 326.8% during the first quarter. CWM LLC now owns 7,460 shares of the company’s stock worth $98,000 after acquiring an additional 5,712 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in Bandwidth by 163.0% during the first quarter. Meeder Asset Management Inc. now owns 11,169 shares of the company’s stock worth $146,000 after acquiring an additional 6,923 shares during the period. Institutional investors and hedge funds own 68.53% of the company’s stock.

Insider Activity at Bandwidth

In other news, General Counsel Richard Brandon Asbill sold 1,914 shares of the business’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $14.47, for a total transaction of $27,695.58. Following the completion of the sale, the general counsel directly owned 47,014 shares of the company’s stock, valued at $680,292.58. The trade was a 3.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Devesh Agarwal sold 2,132 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $13.30, for a total transaction of $28,355.60. Following the sale, the chief operating officer directly owned 62,927 shares of the company’s stock, valued at $836,929.10. This represents a 3.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,728 shares of company stock worth $687,037. 6.50% of the stock is owned by corporate insiders.

Bandwidth Trading Down 1.4%

Shares of Bandwidth stock opened at $14.24 on Friday. Bandwidth Inc. has a fifty-two week low of $11.33 and a fifty-two week high of $23.00. The firm has a market cap of $429.19 million, a PE ratio of -41.88 and a beta of 1.80. The business’s fifty day moving average is $14.82 and its two-hundred day moving average is $14.75. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.64.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.06. Bandwidth had a negative net margin of 1.32% and a positive return on equity of 1.43%. The company had revenue of $180.01 million during the quarter, compared to analysts’ expectations of $178.87 million. During the same period in the previous year, the company earned $0.29 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. Analysts anticipate that Bandwidth Inc. will post 0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

BAND has been the subject of several research reports. JMP Securities reaffirmed a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a report on Thursday, May 15th. Robert W. Baird reduced their price objective on Bandwidth from $20.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Bandwidth in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.80.

Bandwidth Company Profile

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.