Short Interest in Bandwidth Inc. (NASDAQ:BAND) Decreases By 6.0%

Bandwidth Inc. (NASDAQ:BAND) saw a significant decline in short interest in December. As of December 15th, there was short interest totalling 749,900 shares, a decline of 6.0% from the November 30th total of 797,500 shares. Based on an average daily volume of 246,600 shares, the days-to-cover ratio is currently 3.0 days.

Insiders Place Their Bets

In related news, COO Devesh Agarwal sold 5,239 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $111,381.14. Following the completion of the sale, the chief operating officer now owns 38,839 shares of the company’s stock, valued at $825,717.14. This trade represents a 11.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Devin M. Krupka sold 3,658 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $77,769.08. Following the transaction, the insider now directly owns 11,097 shares in the company, valued at approximately $235,922.22. This represents a 24.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,733 shares of company stock valued at $948,310. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Bandwidth

Several hedge funds have recently bought and sold shares of BAND. Point72 Asset Management L.P. boosted its holdings in shares of Bandwidth by 411.1% in the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after buying an additional 480,933 shares during the period. Acadian Asset Management LLC boosted its stake in Bandwidth by 79.8% in the 2nd quarter. Acadian Asset Management LLC now owns 613,612 shares of the company’s stock worth $10,353,000 after purchasing an additional 272,309 shares during the period. Assenagon Asset Management S.A. increased its holdings in Bandwidth by 185.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock worth $5,987,000 after purchasing an additional 222,142 shares in the last quarter. FMR LLC increased its holdings in Bandwidth by 70.3% during the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock worth $6,500,000 after purchasing an additional 153,223 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Bandwidth by 35.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 324,199 shares of the company’s stock valued at $5,677,000 after purchasing an additional 83,979 shares during the period. 68.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Robert W. Baird boosted their price objective on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Morgan Stanley raised their price target on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.83.

Bandwidth Trading Up 0.6 %

Shares of BAND stock traded up $0.10 on Tuesday, hitting $16.99. The stock had a trading volume of 79,789 shares, compared to its average volume of 301,822. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth has a twelve month low of $11.90 and a twelve month high of $25.02. The company has a fifty day moving average price of $19.21 and a two-hundred day moving average price of $18.07. The firm has a market cap of $467.39 million, a P/E ratio of -18.27 and a beta of 1.51.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.11. The firm had revenue of $193.90 million during the quarter, compared to analysts’ expectations of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company’s revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. As a group, analysts forecast that Bandwidth will post 0.08 earnings per share for the current fiscal year.

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.