Bandwidth (NASDAQ:BAND) Receives “Hold” Rating from Needham & Company LLC

Bandwidth (NASDAQ:BAND)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports.

A number of other research analysts have also weighed in on BAND. Robert W. Baird lifted their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Barclays reduced their price objective on shares of Bandwidth from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Morgan Stanley lifted their price objective on shares of Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $28.33.

Bandwidth Trading Down 4.4 %

NASDAQ:BAND opened at $17.46 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $480.32 million, a PE ratio of -18.77 and a beta of 1.54. The firm’s 50 day moving average is $17.47 and its 200 day moving average is $17.83. Bandwidth has a 12 month low of $11.90 and a 12 month high of $25.02.

Insider Transactions at Bandwidth

In other news, General Counsel Richard Brandon Asbill sold 5,561 shares of Bandwidth stock in a transaction 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 completion of the sale, the general counsel now directly owns 41,825 shares of the company’s stock, valued at approximately $889,199.50. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David A. Morken sold 15,410 shares of Bandwidth stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $327,616.60. Following the sale, the chief executive officer now directly owns 101,821 shares of the company’s stock, valued at $2,164,714.46. This represents a 13.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,417 shares of company stock valued at $1,063,184. Insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Several hedge funds have recently added to or reduced their stakes in BAND. Assenagon Asset Management S.A. lifted its stake in Bandwidth by 185.5% in the third quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock worth $5,987,000 after purchasing an additional 222,142 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Bandwidth by 61.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company’s stock worth $8,928,000 after purchasing an additional 200,387 shares during the last quarter. FMR LLC lifted its stake in 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 purchasing an additional 153,223 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Bandwidth by 88.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 285,559 shares of the company’s stock worth $4,860,000 after purchasing an additional 133,715 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Bandwidth by 9.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company’s stock worth $21,260,000 after purchasing an additional 112,269 shares during the last quarter. 68.53% of the stock is owned by institutional investors.

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.