Franklin Resources Inc. Sells 31,712 Shares of Bandwidth Inc. (NASDAQ:BAND)

Franklin Resources Inc. reduced its position in Bandwidth Inc. (NASDAQ:BAND - Free Report) by 40.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,769 shares of the company's stock after selling 31,712 shares during the quarter. Franklin Resources Inc. owned approximately 0.17% of Bandwidth worth $779,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Bandwidth by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 1,769,027 shares of the company's stock worth $30,109,000 after acquiring an additional 73,623 shares during the last quarter. State Street Corp boosted its stake in Bandwidth by 3.7% in the third quarter. State Street Corp now owns 655,768 shares of the company's stock valued at $11,482,000 after acquiring an additional 23,352 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Bandwidth by 3.6% in the third quarter. Geode Capital Management LLC now owns 568,667 shares of the company's stock worth $9,960,000 after buying an additional 19,832 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Bandwidth by 61.8% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company's stock valued at $8,928,000 after purchasing an additional 200,387 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Bandwidth by 12.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 300,076 shares of the company's stock worth $5,107,000 after purchasing an additional 32,709 shares during the period. Institutional investors and hedge funds own 68.53% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. William Blair reiterated an "outperform" rating on shares of Bandwidth in a research report on Friday, February 21st. Morgan Stanley cut their target price on shares of Bandwidth from $18.00 to $11.00 and set an "underweight" rating for the company in a research note on Wednesday. Needham & Company LLC reiterated a "hold" rating on shares of Bandwidth in a report on Friday, February 21st. Finally, Barclays lowered their price objective on Bandwidth from $25.00 to $22.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.17.

Insider Activity at Bandwidth

In other news, CEO David A. Morken sold 13,653 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.70, for a total transaction of $214,352.10. Following the sale, the chief executive officer now owns 142,439 shares in the company, valued at approximately $2,236,292.30. This represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Richard Brandon Asbill sold 9,878 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $15.24, for a total value of $150,540.72. Following the transaction, the general counsel now owns 42,475 shares in the company, valued at approximately $647,319. This trade represents a 18.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,220 shares of company stock valued at $1,000,954. 6.20% of the stock is owned by insiders.

Bandwidth Stock Down 2.6 %

Shares of NASDAQ:BAND traded down $0.32 during trading on Friday, reaching $11.82. 214,256 shares of the stock were exchanged, compared to its average volume of 288,650. The stock has a fifty day moving average of $14.78 and a two-hundred day moving average of $17.04. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 1.34. Bandwidth Inc. has a 1-year low of $11.47 and a 1-year high of $25.02. The firm has a market cap of $338.34 million, a price-to-earnings ratio of -20.74 and a beta of 1.89.

Bandwidth (NASDAQ:BAND - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.36). The company had revenue of $209.97 million during the quarter, compared to analysts' expectations 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 prior year, the company posted $0.38 earnings per share. Research analysts anticipate that Bandwidth Inc. will post 0.22 earnings per share for the current fiscal year.

Bandwidth 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.