Bandwidth (NASDAQ:BAND) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, The Fly reports.
Other analysts also recently issued reports about the company. Canaccord Genuity upped their price objective on Bandwidth from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 3rd. KeyCorp reaffirmed a “buy” rating on shares of Bandwidth in a research note on Wednesday, May 2nd. Dougherty & Co set a $40.00 price objective on Bandwidth and gave the company a “buy” rating in a research note on Tuesday, April 24th. Finally, ValuEngine raised Bandwidth from a “sell” rating to a “hold” rating in a research note on Monday, April 2nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $38.00.
Bandwidth opened at $37.98 on Monday, Marketbeat reports. Bandwidth has a fifty-two week low of $18.05 and a fifty-two week high of $40.83. The stock has a market capitalization of $672.82 million and a PE ratio of 77.51.
Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Wednesday, May 2nd. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.02. The company had revenue of $53.00 million for the quarter, compared to analysts’ expectations of $47.19 million. The firm’s revenue was up 33.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.22 earnings per share. analysts anticipate that Bandwidth will post -0.14 earnings per share for the current fiscal year.
In other news, major shareholder Carmichael Bandwidth Llc sold 593,000 shares of the stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $38.50, for a total transaction of $22,830,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John C. Murdock sold 76,630 shares of the stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $39.36, for a total value of $3,016,156.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 765,685 shares of company stock valued at $29,663,126. Company insiders own 48.62% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Barclays PLC purchased a new position in shares of Bandwidth during the 1st quarter worth approximately $262,000. Northern Trust Corp acquired a new stake in shares of Bandwidth in the 1st quarter worth approximately $263,000. Wedbush Securities Inc. acquired a new stake in shares of Bandwidth in the 1st quarter worth approximately $269,000. Virtu Financial LLC acquired a new stake in shares of Bandwidth in the 4th quarter worth approximately $277,000. Finally, Archon Capital Management LLC acquired a new stake in shares of Bandwidth in the 1st quarter worth approximately $531,000. 21.03% of the stock is owned by institutional investors and hedge funds.
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides 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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