Bandwidth (NASDAQ:BAND) Price Target Raised to $22.00 at Robert W. Baird

Bandwidth (NASDAQ:BAND - Get Free Report) had its price target increased by research analysts at Robert W. Baird from $19.00 to $22.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Robert W. Baird's price objective would indicate a potential upside of 17.65% from the company's previous close.

Several other research firms have also weighed in on BAND. Barclays cut their target price on shares of Bandwidth from $28.00 to $25.00 and set an "overweight" rating for the company in a report on Friday, August 2nd. JMP Securities restated a "market outperform" rating and issued a $36.00 target price 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 research note on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Bandwidth has a consensus rating of "Hold" and a consensus price target of $26.14.

Bandwidth Stock Performance

Shares of Bandwidth stock traded down $0.80 during midday trading on Friday, hitting $18.70. The company had a trading volume of 434,542 shares, compared to its average volume of 313,033. The company has a fifty day simple moving average of $17.47 and a 200 day simple moving average of $18.27. The stock has a market cap of $510.51 million, a price-to-earnings ratio of -17.46 and a beta of 1.51. Bandwidth has a 12-month low of $10.22 and a 12-month high of $25.02. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.91.

Bandwidth (NASDAQ:BAND - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $174.00 million during the quarter, compared to analysts' expectations of $173.18 million. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.89%. The firm's revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.09) earnings per share. As a group, analysts predict that Bandwidth will post 0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daryl Raiford sold 4,350 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $16.97, for a total value of $73,819.50. Following the transaction, the chief financial officer now directly owns 71,546 shares in the company, valued at approximately $1,214,135.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 8,525 shares of company stock valued at $146,548 in the last quarter. Insiders own 6.20% of the company's stock.

Hedge Funds Weigh In On Bandwidth

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Bandwidth by 1.1% in the first quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company's stock worth $28,048,000 after acquiring an additional 16,181 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Bandwidth by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company's stock valued at $17,606,000 after purchasing an additional 62,201 shares during the last quarter. Acadian Asset Management LLC increased its stake in Bandwidth by 79.8% in the 2nd quarter. Acadian Asset Management LLC now owns 613,612 shares of the company's stock valued at $10,353,000 after buying an additional 272,309 shares during the period. Renaissance Technologies LLC increased its stake in shares of Bandwidth by 9.3% during the second quarter. Renaissance Technologies LLC now owns 604,200 shares of the company's stock worth $10,199,000 after acquiring an additional 51,542 shares during the period. Finally, Point72 Asset Management L.P. lifted its position in Bandwidth by 411.1% in the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company's stock valued at $10,093,000 after purchasing an additional 480,933 shares during the period. 68.53% of the stock is owned by institutional investors and hedge funds.

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.