Walleye Capital LLC Has $175,000 Holdings in Bandwidth Inc. (NASDAQ:BAND)

Walleye Capital LLC reduced its holdings in Bandwidth Inc. (NASDAQ:BAND - Free Report) by 91.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,003 shares of the company's stock after selling 101,645 shares during the period. Walleye Capital LLC's holdings in Bandwidth were worth $175,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its position in shares of Bandwidth by 10.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company's stock worth $269,000 after buying an additional 1,334 shares during the last quarter. Baillie Gifford & Co. raised its holdings in Bandwidth by 40.6% in the 2nd quarter. Baillie Gifford & Co. now owns 30,412 shares of the company's stock valued at $513,000 after acquiring an additional 8,789 shares in the last quarter. Panagora Asset Management Inc. raised its stake in shares of Bandwidth by 50.0% in the second quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company's stock valued at $2,356,000 after purchasing an additional 46,547 shares in the last quarter. Innealta Capital LLC acquired a new stake in Bandwidth during the second quarter worth $30,000. Finally, Hussman Strategic Advisors Inc. increased its holdings in Bandwidth by 20.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 126,000 shares of the company's stock valued at $2,127,000 after buying an additional 21,000 shares during the period. Institutional investors and hedge funds own 68.53% of the company's stock.

Insider Activity at Bandwidth

In related news, CFO Daryl Raiford sold 4,371 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.70, for a total value of $90,479.70. Following the completion of the transaction, the chief financial officer now directly owns 93,451 shares in the company, valued at approximately $1,934,435.70. The trade was a 4.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David A. Morken sold 15,410 shares of the firm's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $327,616.60. Following the sale, the chief executive officer now owns 101,821 shares in the company, valued at $2,164,714.46. This trade represents a 13.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,733 shares of company stock worth $948,310 in the last ninety days. Company insiders own 6.20% of the company's stock.

Bandwidth Trading Down 3.3 %

Shares of NASDAQ BAND traded down $0.66 during midday trading on Thursday, hitting $19.59. The stock had a trading volume of 161,590 shares, compared to its average volume of 306,258. 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 $11.01 and a fifty-two week high of $25.02. The firm has a market cap of $538.92 million, a P/E ratio of -21.06 and a beta of 1.51. The company's 50-day simple moving average is $19.11 and its 200 day simple moving average is $18.27.

Bandwidth (NASDAQ:BAND - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating 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 net margin of 2.23% and a negative return on equity of 0.89%. The company's revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. Research analysts anticipate that Bandwidth Inc. will post 0.08 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Robert W. Baird increased their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, November 1st. JMP Securities reissued a "market outperform" rating and issued a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Bandwidth in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $28.33.

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.