Bandwidth Inc. (NASDAQ:BAND) Short Interest Down 8.4% in March

Bandwidth Inc. (NASDAQ:BAND) saw a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,520,000 shares, a decrease of 8.4% from the February 29th total of 1,660,000 shares. Based on an average daily trading volume, of 371,900 shares, the days-to-cover ratio is presently 4.1 days.

Bandwidth Trading Down 2.1 %

Shares of BAND traded down $0.37 during trading hours on Tuesday, hitting $17.13. The company had a trading volume of 25,266 shares, compared to its average volume of 376,039. The business has a fifty day moving average of $16.33 and a 200-day moving average of $13.57. Bandwidth has a 12 month low of $9.34 and a 12 month high of $21.68. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.06 and a quick ratio of 2.06.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.23 earnings per share 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 company had revenue of $165.00 million during the quarter, compared to the consensus estimate of $154.17 million. During the same period in the previous year, the company earned $0.04 earnings per share. Bandwidth’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts predict that Bandwidth will post 0.24 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Bandwidth from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Canaccord Genuity Group upped their price target on shares of Bandwidth from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Finally, KeyCorp upped their price target on shares of Bandwidth from $16.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.71.

Insider Activity

In other news, COO Anthony Bartolo sold 7,798 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $18.75, for a total value of $146,212.50. Following the completion of the transaction, the chief operating officer now owns 76,469 shares in the company, valued at $1,433,793.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bandwidth news, CEO David A. Morken sold 3,790 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $13.63, for a total transaction of $51,657.70. Following the sale, the chief executive officer now directly owns 59,970 shares of the company’s stock, valued at $817,391.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Anthony Bartolo sold 7,798 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $18.75, for a total transaction of $146,212.50. Following the sale, the chief operating officer now directly owns 76,469 shares in the company, valued at $1,433,793.75. The disclosure for this sale can be found here. Insiders sold 19,095 shares of company stock worth $328,204 over the last quarter. 5.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bandwidth

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Bandwidth by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 1,519,870 shares of the company’s stock valued at $21,993,000 after acquiring an additional 39,527 shares in the last quarter. GSA Capital Partners LLP grew its stake in shares of Bandwidth by 63.8% in the fourth quarter. GSA Capital Partners LLP now owns 35,251 shares of the company’s stock valued at $510,000 after acquiring an additional 13,728 shares in the last quarter. Barclays PLC grew its stake in shares of Bandwidth by 79.4% in the fourth quarter. Barclays PLC now owns 89,005 shares of the company’s stock valued at $1,287,000 after acquiring an additional 39,394 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of Bandwidth by 13.7% in the fourth quarter. Voya Investment Management LLC now owns 30,435 shares of the company’s stock valued at $440,000 after acquiring an additional 3,678 shares in the last quarter. Finally, Prelude Capital Management LLC grew its stake in shares of Bandwidth by 10.7% in the fourth quarter. Prelude Capital Management LLC now owns 30,755 shares of the company’s stock valued at $445,000 after acquiring an additional 2,971 shares in the last quarter. 68.53% of the stock is currently owned by institutional investors and hedge funds.

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.