Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Bandwidth Inc. (NASDAQ:BAND - Free Report) by 35.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 324,199 shares of the company's stock after buying an additional 83,979 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 1.19% of Bandwidth worth $5,677,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Hsbc Holdings PLC increased its position in shares of Bandwidth by 143.9% during the 2nd quarter. Hsbc Holdings PLC now owns 55,259 shares of the company's stock valued at $929,000 after purchasing an additional 32,598 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Bandwidth during the second quarter valued at approximately $1,113,000. Panagora Asset Management Inc. raised its position in Bandwidth by 50.0% in the second quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company's stock worth $2,356,000 after acquiring an additional 46,547 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Bandwidth by 185.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company's stock worth $5,987,000 after acquiring an additional 222,142 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Bandwidth by 10.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company's stock valued at $269,000 after acquiring an additional 1,334 shares during the period. Hedge funds and other institutional investors own 68.53% of the company's stock.
Bandwidth Price Performance
Shares of NASDAQ BAND traded up $1.44 during mid-day trading on Friday, reaching $20.67. The company's stock had a trading volume of 243,718 shares, compared to its average volume of 295,616. The stock has a fifty day moving average of $18.17 and a two-hundred day moving average of $18.37. The firm has a market capitalization of $568.63 million, a PE ratio of -22.23 and a beta of 1.50. Bandwidth Inc. has a 52 week low of $10.60 and a 52 week high of $25.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29.
Bandwidth (NASDAQ:BAND - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.43 earnings per share 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 business had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. During the same period in the prior year, the company posted $0.03 EPS. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bandwidth Inc. will post 0.08 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on BAND shares. JMP Securities reaffirmed a "market outperform" rating and issued a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. Robert W. Baird raised their price objective on Bandwidth from $19.00 to $22.00 and gave the stock a "neutral" rating in a research note on Friday, November 1st. Barclays cut their price objective on Bandwidth from $28.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Finally, Needham & Company LLC restated a "hold" rating on shares of Bandwidth in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $28.33.
Check Out Our Latest Stock Analysis on BAND
Insider Buying and Selling at Bandwidth
In other Bandwidth news, CFO Daryl Raiford sold 4,350 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total transaction of $73,819.50. Following the completion of the transaction, the chief financial officer now owns 71,546 shares in the company, valued at $1,214,135.62. This trade represents a 5.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders have sold 8,630 shares of company stock worth $148,515. Insiders own 6.20% of the company's stock.
Bandwidth Company Profile
(
Free Report)
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.
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