Kornitzer Capital Management Inc. KS cut its position in shares of Bandwidth Inc (NASDAQ:BAND) by 0.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 183,125 shares of the company’s stock after selling 1,150 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.80% of Bandwidth worth $13,738,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BAND. BlackRock Inc. increased its stake in Bandwidth by 2.0% in the fourth quarter. BlackRock Inc. now owns 408,447 shares of the company’s stock valued at $16,643,000 after acquiring an additional 7,877 shares during the last quarter. Northern Trust Corp grew its stake in shares of Bandwidth by 24.1% during the fourth quarter. Northern Trust Corp now owns 21,048 shares of the company’s stock valued at $858,000 after buying an additional 4,092 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Bandwidth by 24.9% during the fourth quarter. Geode Capital Management LLC now owns 40,896 shares of the company’s stock valued at $1,665,000 after buying an additional 8,150 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Bandwidth by 92.3% during the fourth quarter. Bank of America Corp DE now owns 2,552 shares of the company’s stock valued at $104,000 after buying an additional 1,225 shares during the last quarter. Finally, Wedbush Securities Inc. grew its stake in shares of Bandwidth by 0.6% during the first quarter. Wedbush Securities Inc. now owns 33,760 shares of the company’s stock valued at $2,261,000 after buying an additional 215 shares during the last quarter. 54.55% of the stock is currently owned by institutional investors.

Shares of NASDAQ BAND traded down $2.65 during trading hours on Wednesday, hitting $77.93. The company’s stock had a trading volume of 5,015 shares, compared to its average volume of 229,552. The stock has a market capitalization of $1.82 billion, a PE ratio of 251.39 and a beta of 0.76. Bandwidth Inc has a 12 month low of $27.75 and a 12 month high of $85.83. The stock has a 50-day moving average price of $77.36.

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. On average, sell-side analysts expect that Bandwidth Inc will post -0.68 EPS for the current year.

A number of brokerages have recently issued reports on BAND. JPMorgan Chase & Co. began coverage on Bandwidth in a research note on Wednesday, July 3rd. They set an “overweight” rating and a $90.00 price objective on the stock. Morgan Stanley raised their price objective on Bandwidth from $48.00 to $74.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. 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. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $78.67.

In related news, CFO Jeffrey A. Hoffman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $85.04, for a total value of $850,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Henry R. Kaestner sold 50,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $75.47, for a total value of $3,773,500.00. The disclosure for this sale can be found here. Insiders sold 385,394 shares of company stock worth $29,053,987 over the last three months. 15.27% of the stock is owned by insiders.

Bandwidth 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.

Further Reading: Return On Assets

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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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