XTX Topco Ltd Makes New $495,000 Investment in Bandwidth Inc. (NASDAQ:BAND)

Key Points

• XTX Topco Ltd acquired a new stake in Bandwidth Inc. by purchasing 37,812 shares valued at approximately $495,000, owning 0.13% of the company.
• Insider trading activity included CEO David A. Morken selling 4,999 shares at an average price of $14.47, representing a 41.79% decrease in his position.
• Analysts have varying opinions on Bandwidth's stock, with target prices ranging from $11.00 to $36.00, reflecting a consensus average target of $20.80.

XTX Topco Ltd bought a new position in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 37,812 shares of the company's stock, valued at approximately $495,000. XTX Topco Ltd owned 0.13% of Bandwidth as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. lifted its holdings in shares of Bandwidth by 163.0% during the first quarter. Meeder Asset Management Inc. now owns 11,169 shares of the company's stock worth $146,000 after buying an additional 6,923 shares in the last quarter. Parcion Private Wealth LLC lifted its holdings in shares of Bandwidth by 1.0% during the first quarter. Parcion Private Wealth LLC now owns 234,390 shares of the company's stock worth $3,071,000 after buying an additional 2,253 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Bandwidth during the first quarter worth $249,000. CWM LLC lifted its holdings in shares of Bandwidth by 326.8% during the first quarter. CWM LLC now owns 7,460 shares of the company's stock worth $98,000 after buying an additional 5,712 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Bandwidth by 53.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 21,876 shares of the company's stock worth $287,000 after buying an additional 7,661 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company's stock.

Insider Buying and Selling

In related news, General Counsel Richard Brandon Asbill sold 1,914 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $14.47, for a total value of $27,695.58. Following the sale, the general counsel directly owned 47,014 shares in the company, valued at $680,292.58. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daryl Raiford sold 3,188 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $14.47, for a total value of $46,130.36. Following the completion of the sale, the chief financial officer owned 119,707 shares in the company, valued at $1,732,160.29. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,728 shares of company stock valued at $687,037 over the last three months. Insiders own 6.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BAND shares. Robert W. Baird dropped their target price on Bandwidth from $20.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Morgan Stanley cut their price objective on shares of Bandwidth from $18.00 to $11.00 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. JMP Securities reaffirmed a "market outperform" rating and set a $36.00 price objective on shares of Bandwidth in a research report on Thursday, May 15th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Bandwidth in a research report on Friday, June 13th. One equities 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 company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $20.80.

Bandwidth Trading Up 4.6%

Shares of Bandwidth stock traded up $0.60 on Tuesday, hitting $13.70. The stock had a trading volume of 45,623 shares, compared to its average volume of 293,054. The stock has a 50 day moving average of $14.83 and a 200 day moving average of $14.78. Bandwidth Inc. has a twelve month low of $11.33 and a twelve month high of $23.00. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market capitalization of $412.95 million, a P/E ratio of -40.42 and a beta of 1.80.

Bandwidth (NASDAQ:BAND - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.06. Bandwidth had a positive return on equity of 1.43% and a negative net margin of 1.32%. The company had revenue of $180.01 million during the quarter, compared to the consensus estimate of $178.87 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The firm's revenue was up 3.4% compared to the same quarter last year. Sell-side analysts expect that Bandwidth Inc. will post 0.22 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.