Morgan Stanley cut shares of Bandwidth (NASDAQ:BAND) from an equal rating to a weight rating in a research report report published on Thursday, BenzingaRatingsTable reports. Morgan Stanley currently has $67.00 price target on the stock, down from their prior price target of $74.00. The analysts noted that the move was a valuation call.

BAND has been the topic of several other reports. JPMorgan Chase & Co. started coverage on Bandwidth in a research note on Wednesday, July 3rd. They issued an overweight rating and a $90.00 target price on the stock. ValuEngine cut Bandwidth from a buy rating to a hold rating in a research note on Friday, July 26th. Finally, Zacks Investment Research cut Bandwidth from a buy rating to a hold rating in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $77.50.

NASDAQ BAND opened at $70.01 on Thursday. The stock has a market capitalization of $1.66 billion, a PE ratio of 225.84 and a beta of 0.69. Bandwidth has a 1 year low of $27.75 and a 1 year high of $90.63. The business’s 50-day moving average is $80.87 and its 200 day moving average is $74.50.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Wednesday, July 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.19. The company had revenue of $56.80 million for the quarter, compared to analysts’ expectations of $55.06 million. Bandwidth had a negative return on equity of 4.97% and a net margin of 3.14%. Bandwidth’s quarterly revenue was up 17.6% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. As a group, equities analysts anticipate that Bandwidth will post -0.68 EPS for the current year.

In other Bandwidth news, CFO Jeffrey A. Hoffman sold 10,660 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $75.27, for a total value of $802,378.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel W. Christopher Matton sold 502 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $73.81, for a total transaction of $37,052.62. The disclosure for this sale can be found here. Insiders sold 138,829 shares of company stock valued at $10,850,441 over the last 90 days. 15.27% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of BAND. Bank of America Corp DE lifted its holdings in Bandwidth by 92.3% in the fourth quarter. Bank of America Corp DE now owns 2,552 shares of the company’s stock worth $104,000 after buying an additional 1,225 shares during the period. JPMorgan Chase & Co. lifted its holdings in Bandwidth by 476.4% in the first quarter. JPMorgan Chase & Co. now owns 69,164 shares of the company’s stock worth $4,631,000 after buying an additional 57,165 shares during the period. Wasatch Advisors Inc. lifted its holdings in Bandwidth by 114.7% in the first quarter. Wasatch Advisors Inc. now owns 227,030 shares of the company’s stock worth $15,202,000 after buying an additional 121,291 shares during the period. Alambic Investment Management L.P. purchased a new stake in Bandwidth in the first quarter worth about $275,000. Finally, Jennison Associates LLC lifted its holdings in Bandwidth by 57.2% in the first quarter. Jennison Associates LLC now owns 401,501 shares of the company’s stock worth $26,885,000 after buying an additional 146,142 shares during the period. Institutional investors and hedge funds own 65.47% of the company’s stock.

Bandwidth Company Profile

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.

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