Bandwidth (NASDAQ:BAND) Price Target Raised to $22.00

Bandwidth (NASDAQ:BAND) had its target price increased by investment 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 target price suggests a potential upside of 10.55% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a report on Friday. Barclays decreased their price target on Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, JMP Securities reiterated a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Bandwidth has an average rating of “Hold” and a consensus price target of $26.14.

Bandwidth Stock Up 2.1 %

Shares of BAND stock opened at $19.90 on Friday. 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. The firm has a market cap of $543.27 million, a PE ratio of -17.46 and a beta of 1.51. The stock has a 50 day moving average of $17.41 and a 200-day moving average of $18.26.

Bandwidth (NASDAQ:BAND) last released its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $174.00 million during the quarter, compared to analysts’ expectations of $173.18 million. During the same quarter last year, the company earned ($0.09) earnings per share. The firm’s revenue was up 19.2% on a year-over-year basis. On average, equities analysts predict that Bandwidth will post 0.11 EPS for the current year.

Insider Activity

In related news, CFO Daryl Raiford sold 4,350 shares of the company’s stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 8,525 shares of company stock valued at $146,548 over the last ninety days. 6.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bandwidth

Hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Bandwidth by 100.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,132 shares of the company’s stock worth $386,000 after buying an additional 10,571 shares in the last quarter. BNP Paribas Financial Markets increased its position in Bandwidth by 84.4% in the 1st quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock valued at $250,000 after acquiring an additional 6,266 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Bandwidth during the first quarter worth $1,143,000. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 16,181 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Bandwidth by 15.7% during the 1st quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after purchasing an additional 46,342 shares during the last quarter. Institutional investors 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.