Balyasny Asset Management L.P. Acquires 24,508 Shares of Bandwidth Inc. (NASDAQ:BAND)

Balyasny Asset Management L.P. increased its stake in Bandwidth Inc. (NASDAQ:BAND - Free Report) by 113.7% during the fourth quarter, according to its most recent filing with the SEC. The fund 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 0.17% of Bandwidth worth $784,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAND. Covestor Ltd purchased a new position in shares of Bandwidth in the 4th quarter worth about $25,000. New Age Alpha Advisors LLC bought a new stake in Bandwidth in the 4th quarter valued at about $50,000. SBI Securities Co. Ltd. bought a new stake in Bandwidth in the 4th quarter valued at about $69,000. one8zero8 LLC bought a new stake in Bandwidth in the 4th quarter valued at about $170,000. Finally, SG Americas Securities LLC raised its stake in Bandwidth by 14.5% in the 4th quarter. SG Americas Securities LLC now owns 11,102 shares of the company's stock valued at $189,000 after acquiring an additional 1,407 shares during the period. 68.53% of the stock is owned by hedge funds and other institutional investors.

Bandwidth Price Performance

BAND traded down $0.14 during midday trading on Tuesday, hitting $14.06. The stock had a trading volume of 12,756 shares, compared to its average volume of 285,931. The company has a market cap of $418.32 million, a P/E ratio of -24.66 and a beta of 1.88. The business has a fifty day moving average of $13.29 and a 200 day moving average of $16.32. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.34 and a current ratio of 1.34. Bandwidth Inc. has a 1 year low of $11.33 and a 1 year high of $23.90.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Morgan Stanley lowered their price objective on Bandwidth from $18.00 to $11.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. William Blair restated an "outperform" rating on shares of Bandwidth in a research note on Friday, February 21st. Barclays lowered their price objective on Bandwidth from $25.00 to $22.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. JMP Securities restated a "market outperform" rating and issued a $36.00 price objective on shares of Bandwidth in a research note on Thursday, May 15th. Finally, Robert W. Baird decreased their price target on Bandwidth from $20.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Bandwidth currently has an average rating of "Moderate Buy" and a consensus price target of $20.80.

Insider Activity

In related news, CEO David A. Morken sold 13,653 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.70, for a total transaction of $214,352.10. Following the completion of the transaction, the chief executive officer now owns 142,439 shares in the company, valued at $2,236,292.30. This represents a 8.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daryl Raiford sold 24,253 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.58, for a total value of $377,861.74. Following the transaction, the chief financial officer now owns 113,795 shares of the company's stock, valued at approximately $1,772,926.10. This represents a 17.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,721 shares of company stock valued at $992,965. 6.50% of the stock is currently owned by company insiders.

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.