Point72 Asset Management L.P. Sells 203,817 Shares of Bandwidth Inc. (NASDAQ:BAND)

Point72 Asset Management L.P. cut its stake in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) by 34.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 394,116 shares of the company's stock after selling 203,817 shares during the period. Point72 Asset Management L.P. owned 1.43% of Bandwidth worth $6,901,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Los Angeles Capital Management LLC grew its stake in shares of Bandwidth by 3.6% in the third quarter. Los Angeles Capital Management LLC now owns 21,221 shares of the company's stock valued at $372,000 after acquiring an additional 740 shares in the last quarter. nVerses Capital LLC grew its position in shares of Bandwidth by 80.0% during the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company's stock worth $32,000 after purchasing an additional 800 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Bandwidth by 10.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company's stock worth $269,000 after purchasing an additional 1,334 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Bandwidth by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company's stock valued at $850,000 after buying an additional 1,342 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Bandwidth in the second quarter valued at approximately $30,000. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Bandwidth Stock Up 1.4 %

BAND stock traded up $0.27 during trading on Monday, hitting $20.25. The company had a trading volume of 118,039 shares, compared to its average volume of 307,846. The business has a 50-day moving average of $18.89 and a 200-day moving average of $18.26. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.29 and a current ratio of 1.29. Bandwidth Inc. has a one year low of $11.01 and a one year high of $25.02.

Bandwidth (NASDAQ:BAND - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.11. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The company had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. During the same period in the prior year, the firm posted $0.03 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. As a group, analysts expect that Bandwidth Inc. will post 0.08 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BAND shares. Robert W. Baird lifted their price objective on Bandwidth from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Friday, November 1st. JMP Securities reaffirmed a "market outperform" rating and set a $36.00 price objective on shares of Bandwidth in a research report on Tuesday, August 27th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Bandwidth in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $28.33.

Insiders Place Their Bets

In other news, CFO Daryl Raiford sold 4,371 shares of Bandwidth stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $20.70, for a total value of $90,479.70. Following the completion of the sale, the chief financial officer now owns 93,451 shares in the company, valued at $1,934,435.70. The trade was a 4.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Devin M. Krupka sold 3,658 shares of the business's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $77,769.08. Following the transaction, the insider now owns 11,097 shares in the company, valued at $235,922.22. The trade was a 24.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,733 shares of company stock worth $948,310. Company insiders own 6.20% 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.