Morgan Stanley Forecasts Strong Price Appreciation for Bandwidth (NASDAQ:BAND) Stock

Bandwidth (NASDAQ:BAND) had its price objective increased by investment analysts at Morgan Stanley from $17.00 to $18.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 0.11% from the stock’s current price.

Several other analysts also recently issued reports on BAND. JMP Securities reaffirmed a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a report on Tuesday, August 27th. Robert W. Baird upped their price target on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $28.83.

Bandwidth Price Performance

Shares of NASDAQ:BAND opened at $17.98 on Wednesday. The stock has a market capitalization of $494.63 million, a P/E ratio of -19.33 and a beta of 1.51. The business has a 50-day moving average of $19.24 and a two-hundred day moving average of $18.21. Bandwidth has a fifty-two week low of $11.90 and a fifty-two week high of $25.02. 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 (NASDAQ:BAND) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.11. The business 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%. The firm’s revenue was up 27.6% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. On average, equities research analysts predict that Bandwidth will post 0.08 EPS for the current fiscal year.

Insider Activity at Bandwidth

In related news, CFO Daryl Raiford sold 4,371 shares of the company’s stock in a transaction 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. This represents a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the firm’s stock in a transaction 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 transaction, the general counsel now directly owns 41,825 shares of the company’s stock, valued at approximately $889,199.50. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,733 shares of company stock worth $948,310 in the last ninety days. 6.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bandwidth

A number of hedge funds have recently made changes to their positions in BAND. Innealta Capital LLC bought a new position in shares of Bandwidth during the second quarter valued at $30,000. nVerses Capital LLC boosted its position in Bandwidth by 80.0% in the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after buying an additional 800 shares in the last quarter. Redwood Wealth Management Group LLC bought a new stake in Bandwidth during the second quarter worth about $35,000. Quarry LP increased its holdings in shares of Bandwidth by 157.6% during the third quarter. Quarry LP now owns 2,035 shares of the company’s stock worth $36,000 after buying an additional 1,245 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in shares of Bandwidth in the second quarter valued at approximately $57,000. 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.