Morgan Stanley Boosts Bandwidth (NASDAQ:BAND) Price Target to $18.00

Bandwidth (NASDAQ:BAND - Get Free Report) had its price target boosted by Morgan Stanley from $17.00 to $18.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Morgan Stanley's price target would suggest a potential downside of 0.66% from the stock's previous close.

Several other research firms have also weighed in on BAND. Needham & Company LLC restated a "hold" rating on shares of Bandwidth in a report on Friday, November 1st. Robert W. Baird raised their target price on shares of Bandwidth from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Friday, November 1st. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $36.00 price target on shares of Bandwidth in a research note on Tuesday, August 27th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $28.83.

Bandwidth Price Performance

NASDAQ:BAND traded down $1.05 during trading hours on Wednesday, reaching $18.12. The stock had a trading volume of 218,975 shares, compared to its average volume of 304,511. The company has a 50 day moving average price of $19.20 and a two-hundred day moving average price of $18.21. Bandwidth has a 52 week low of $11.90 and a 52 week high of $25.02. The stock has a market capitalization of $498.48 million, a PE ratio of -19.48 and a beta of 1.51. 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 (NASDAQ:BAND - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.32 by $0.11. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company had revenue of $193.90 million during the quarter, compared to analyst estimates of $182.05 million. During the same quarter last year, the business posted $0.03 earnings per share. The firm's revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Bandwidth will post 0.08 earnings per share for the current fiscal year.

Insider Activity at Bandwidth

In other news, insider Devin M. Krupka sold 3,658 shares of the stock in a transaction that occurred 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 directly owns 11,097 shares in the company, valued at approximately $235,922.22. This trade represents a 24.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $118,226.86. Following the sale, the general counsel now directly owns 41,825 shares in the company, valued at $889,199.50. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,733 shares of company stock worth $948,310 in the last 90 days. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bandwidth

Large investors have recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Bandwidth in the 2nd quarter valued at about $30,000. nVerses Capital LLC boosted its stake in Bandwidth by 80.0% in the third quarter. nVerses Capital LLC now owns 1,800 shares of the company's stock valued at $32,000 after acquiring an additional 800 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in Bandwidth in the second quarter worth $35,000. Quarry LP increased its position in shares of Bandwidth by 157.6% during the third quarter. Quarry LP now owns 2,035 shares of the company's stock worth $36,000 after purchasing an additional 1,245 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Bandwidth during the second quarter worth $57,000. 68.53% of the stock is currently owned by institutional investors.

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.