Bandwidth Inc. (NASDAQ:BAND) Shares Purchased by Eagle Asset Management Inc.

Eagle Asset Management Inc. lifted its holdings in Bandwidth Inc. (NASDAQ:BAND) by 104.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 188,127 shares of the company’s stock after acquiring an additional 95,971 shares during the quarter. Eagle Asset Management Inc. owned 0.75% of Bandwidth worth $25,946,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in Bandwidth by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 44,180 shares of the company’s stock valued at $6,789,000 after buying an additional 1,945 shares during the period. Commonwealth Equity Services LLC grew its position in Bandwidth by 23.9% during the first quarter. Commonwealth Equity Services LLC now owns 2,990 shares of the company’s stock valued at $378,000 after buying an additional 576 shares during the period. Envestnet Asset Management Inc. grew its position in Bandwidth by 224.6% during the first quarter. Envestnet Asset Management Inc. now owns 8,326 shares of the company’s stock valued at $1,055,000 after buying an additional 5,761 shares during the period. Arizona State Retirement System grew its position in Bandwidth by 7.2% during the first quarter. Arizona State Retirement System now owns 6,103 shares of the company’s stock valued at $773,000 after buying an additional 408 shares during the period. Finally, The PNC Financial Services Group Inc. grew its position in Bandwidth by 377.4% during the first quarter. The PNC Financial Services Group Inc. now owns 506 shares of the company’s stock valued at $63,000 after buying an additional 400 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Shares of NASDAQ BAND opened at $101.42 on Wednesday. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -72.44, a PEG ratio of 30.67 and a beta of 0.42. Bandwidth Inc. has a 52 week low of $100.29 and a 52 week high of $198.60. The company’s 50-day moving average price is $115.23 and its 200 day moving average price is $122.27. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.06.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Wednesday, August 4th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.36. Bandwidth had a negative net margin of 7.99% and a positive return on equity of 3.68%. The business had revenue of $120.66 million during the quarter, compared to the consensus estimate of $116.51 million. As a group, research analysts expect that Bandwidth Inc. will post 0.2 earnings per share for the current year.

In other news, Director John C. Murdock sold 244 shares of Bandwidth stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $127.05, for a total transaction of $31,000.20. Following the completion of the sale, the director now directly owns 20,409 shares in the company, valued at approximately $2,592,963.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Rebecca Bottorff sold 528 shares of the business’s stock in a transaction that occurred on Thursday, June 24th. The stock was sold at an average price of $135.00, for a total value of $71,280.00. Following the completion of the sale, the insider now owns 6,189 shares of the company’s stock, valued at $835,515. The disclosure for this sale can be found here. 11.05% of the stock is owned by insiders.

BAND has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Bandwidth from a “hold” rating to a “buy” rating and set a $127.00 price objective on the stock in a report on Tuesday, August 10th. KeyCorp raised their price target on shares of Bandwidth from $150.00 to $154.00 and gave the stock an “overweight” rating in a research note on Friday, August 6th. Citigroup started coverage on shares of Bandwidth in a research note on Wednesday, July 7th. They issued a “neutral” rating and a $177.22 price target on the stock. TheStreet downgraded shares of Bandwidth from a “c” rating to a “d+” rating in a research note on Friday, August 20th. Finally, Piper Sandler started coverage on shares of Bandwidth in a research note on Thursday, June 17th. They set a “neutral” rating and a $135.00 target price on the stock. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $166.77.

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.

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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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