Bandwidth (NASDAQ:BAND) Reaches New 52-Week High at $24.65

Bandwidth Inc. (NASDAQ:BAND)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $24.65 and last traded at $24.58, with a volume of 219906 shares changing hands. The stock had previously closed at $20.51.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAND. Barclays lifted their target price on Bandwidth from $22.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday. KeyCorp increased their price target on Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday. JMP Securities lifted their price objective on Bandwidth from $32.00 to $36.00 and gave the company a “market outperform” rating in a report on Wednesday. Canaccord Genuity Group raised their target price on shares of Bandwidth from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Robert W. Baird boosted their price target on Bandwidth from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Bandwidth currently has an average rating of “Moderate Buy” and an average target price of $25.38.

Bandwidth Stock Up 1.7 %

The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $565.35 million, a price-to-earnings ratio of -19.21 and a beta of 1.44. The company has a 50-day moving average of $18.64 and a 200-day moving average of $14.89.

Bandwidth (NASDAQ:BAND) last released its earnings results on Wednesday, February 28th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Bandwidth had a negative net margin of 2.72% and a negative return on equity of 3.10%. The firm had revenue of $165.00 million during the quarter, compared to analyst estimates of $154.17 million. During the same period in the previous year, the company earned $0.04 earnings per share. Bandwidth’s revenue was up 5.1% on a year-over-year basis. On average, equities analysts predict that Bandwidth Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Bandwidth

In other news, COO Anthony Bartolo sold 7,798 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $18.75, for a total transaction of $146,212.50. Following the completion of the sale, the chief operating officer now owns 76,469 shares of the company’s stock, valued at $1,433,793.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 12,556 shares of company stock valued at $239,567. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Bandwidth

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAND. Swiss National Bank grew its stake in shares of Bandwidth by 3.0% in the 3rd quarter. Swiss National Bank now owns 51,900 shares of the company’s stock valued at $585,000 after buying an additional 1,500 shares during the period. Headlands Technologies LLC grew its holdings in shares of Bandwidth by 21.3% during the 3rd quarter. Headlands Technologies LLC now owns 9,315 shares of the company’s stock worth $105,000 after purchasing an additional 1,636 shares during the period. Parcion Private Wealth LLC boosted its stake in Bandwidth by 1.0% during the fourth quarter. Parcion Private Wealth LLC now owns 216,428 shares of the company’s stock worth $3,132,000 after buying an additional 2,153 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Bandwidth by 84.4% in the 1st quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock worth $250,000 after acquiring an additional 6,266 shares during the last quarter. Finally, Olympiad Research LP increased its holdings in Bandwidth by 65.4% in the 4th quarter. Olympiad Research LP now owns 16,917 shares of the company’s stock valued at $245,000 after purchasing an additional 6,686 shares during the last quarter. 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.