Fmr LLC Boosts Stock Position in Bandwidth Inc. (NASDAQ:BAND)

FMR LLC grew its stake in Bandwidth Inc. (NASDAQ:BAND - Free Report) by 70.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 371,215 shares of the company's stock after buying an additional 153,223 shares during the period. FMR LLC owned 1.35% of Bandwidth worth $6,500,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC increased its position in shares of Bandwidth by 3.6% in the 3rd 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 during the period. nVerses Capital LLC lifted its holdings in shares of Bandwidth by 80.0% during the third quarter. nVerses Capital LLC now owns 1,800 shares of the company's stock worth $32,000 after purchasing an additional 800 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Bandwidth by 10.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company's stock valued at $269,000 after buying an additional 1,334 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Bandwidth by 2.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company's stock worth $850,000 after buying an additional 1,342 shares during the period. Finally, Innealta Capital LLC acquired a new position in Bandwidth in the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 68.53% of the company's stock.

Insider Activity at Bandwidth

In other Bandwidth news, CFO Daryl Raiford sold 4,371 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.70, for a total transaction of $90,479.70. Following the completion of the transaction, the chief financial officer now owns 93,451 shares of the company's stock, valued at $1,934,435.70. This represents a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of Bandwidth stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $118,226.86. Following the completion of the sale, the general counsel now directly owns 41,825 shares in the company, valued at $889,199.50. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,733 shares of company stock valued at $948,310. 6.20% of the stock is owned by company insiders.

Bandwidth Trading Down 4.5 %

Shares of NASDAQ:BAND traded down $0.88 during trading on Friday, reaching $18.71. 170,872 shares of the company's stock traded hands, compared to its average volume of 305,509. 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 Inc. has a fifty-two week low of $11.90 and a fifty-two week high of $25.02. The company has a 50-day simple moving average of $19.11 and a 200-day simple moving average of $18.27.

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

Analyst Ratings Changes

BAND has been the topic of several recent research reports. Robert W. Baird upped their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Friday, November 1st. Needham & Company LLC reiterated a "hold" rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, JMP Securities restated a "market outperform" rating and issued a $36.00 target price 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $28.33.

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.