Bandwidth Inc. (NASDAQ:BAND) Shares Purchased by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. boosted its position in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) by 113.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 46,066 shares of the company's stock after buying an additional 24,508 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.17% of Bandwidth worth $784,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAND. Barclays PLC grew its position in Bandwidth by 9.1% during the third quarter. Barclays PLC now owns 224,497 shares of the company's stock valued at $3,931,000 after buying an additional 18,778 shares during the period. Franklin Resources Inc. grew its position in Bandwidth by 40.9% during the third quarter. Franklin Resources Inc. now owns 77,481 shares of the company's stock valued at $1,325,000 after buying an additional 22,505 shares during the period. SG Americas Securities LLC grew its position in Bandwidth by 14.5% during the fourth quarter. SG Americas Securities LLC now owns 11,102 shares of the company's stock valued at $189,000 after buying an additional 1,407 shares during the period. Parcion Private Wealth LLC grew its position in Bandwidth by 1.7% during the fourth quarter. Parcion Private Wealth LLC now owns 232,137 shares of the company's stock valued at $3,951,000 after buying an additional 3,927 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Bandwidth by 2.2% during the fourth quarter. Bank of New York Mellon Corp now owns 83,175 shares of the company's stock valued at $1,416,000 after buying an additional 1,811 shares during the period. Institutional investors and hedge funds own 68.53% of the company's stock.

Bandwidth Price Performance

BAND traded down $0.14 on Friday, reaching $14.46. 219,557 shares of the company's stock were exchanged, compared to its average volume of 287,528. The stock has a market cap of $430.37 million, a PE ratio of -25.37 and a beta of 1.88. Bandwidth Inc. has a twelve month low of $11.33 and a twelve month high of $23.90. The stock's fifty day moving average price is $13.31 and its 200-day moving average price is $16.38. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 1.34.

Bandwidth (NASDAQ:BAND - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. The firm had revenue of $174.24 million for the quarter, compared to analyst estimates of $168.96 million. Bandwidth had a negative net margin of 0.87% and a positive return on equity of 0.53%. Bandwidth's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 earnings per share. Sell-side analysts expect that Bandwidth Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling

In other Bandwidth news, General Counsel Richard Brandon Asbill sold 9,878 shares of Bandwidth stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $15.24, for a total transaction of $150,540.72. Following the transaction, the general counsel now directly owns 42,475 shares of the company's stock, valued at $647,319. The trade was a 18.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Devin M. Krupka sold 3,770 shares of Bandwidth stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.70, for a total transaction of $59,189.00. Following the transaction, the insider now directly owns 19,188 shares in the company, valued at $301,251.60. This trade represents a 16.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,721 shares of company stock worth $992,965. 6.50% of the stock is owned by insiders.

Analysts Set New Price Targets

BAND has been the topic of several research analyst reports. Barclays dropped their target price on shares of Bandwidth from $25.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. JMP Securities reiterated a "market outperform" rating and issued a $36.00 target price on shares of Bandwidth in a research report on Thursday. William Blair reiterated an "outperform" rating on shares of Bandwidth in a research report on Friday, February 21st. Needham & Company LLC initiated coverage on shares of Bandwidth in a research report on Wednesday, May 7th. They issued a "buy" rating and a $20.00 target price on the stock. Finally, Morgan Stanley dropped their target price on shares of Bandwidth from $18.00 to $11.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Bandwidth presently has an average rating of "Moderate Buy" and a consensus price target of $20.80.

Bandwidth Profile

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.