Bandwidth (NASDAQ:BAND) Shares Up 7.6% - What's Next?

Bandwidth Inc. (NASDAQ:BAND - Get Free Report)'s share price rose 7.6% during trading on Friday . The stock traded as high as $19.29 and last traded at $19.29. Approximately 137,638 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 312,257 shares. The stock had previously closed at $17.93.

Wall Street Analysts Forecast Growth

BAND has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Bandwidth in a research report on Friday, August 2nd. JMP Securities reaffirmed a "market outperform" rating and issued a $36.00 price objective on shares of Bandwidth in a research report on Tuesday, August 27th. Barclays decreased their price objective on shares of Bandwidth from $28.00 to $25.00 and set an "overweight" rating for the company in a research report on Friday, August 2nd. Finally, Robert W. Baird decreased their price objective on shares of Bandwidth from $25.00 to $19.00 and set a "neutral" rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $25.71.

Bandwidth Stock Up 7.6 %

The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $521.25 million, a PE ratio of -17.23 and a beta of 1.51. The business's 50-day simple moving average is $17.01 and its 200-day simple moving average is $18.19.

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

Insider Transactions at Bandwidth

In other news, CFO Daryl Raiford sold 1,769 shares of the firm's stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total transaction of $39,307.18. Following the sale, the chief financial officer now owns 63,397 shares of the company's stock, valued at $1,408,681.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 10,294 shares of company stock valued at $185,855 in the last 90 days. 6.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bandwidth

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC raised its position in 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 acquiring an additional 800 shares during the period. Point72 Asset Management L.P. raised its position in Bandwidth by 411.1% during the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company's stock worth $10,093,000 after acquiring an additional 480,933 shares during the period. Squarepoint Ops LLC acquired a new position in Bandwidth during the second quarter worth $1,113,000. 272 Capital LP acquired a new position in Bandwidth during the second quarter worth $533,000. Finally, Thrivent Financial for Lutherans raised its position in Bandwidth by 46.9% during the second quarter. Thrivent Financial for Lutherans now owns 59,125 shares of the company's stock worth $998,000 after acquiring an additional 18,873 shares during the period. Institutional investors and hedge funds own 68.53% 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.