Bandwidth Inc. $BAND Shares Sold by Calamos Advisors LLC

Key Points

• Calamos Advisors cut its Bandwidth stake by 98.1% in the third quarter, selling 2.45 million shares and retaining 47,880 shares worth about $2.9 million. Institutional investors and hedge funds collectively owned 68.53% of the stock.
• Bandwidth reported quarterly EPS of $0.50, beating the $0.47 consensus, while revenue of $234.02 million also topped estimates and rose 21.9% year over year.
• Analyst views remain mixed: four analysts rate Bandwidth a Buy and five a Hold, resulting in a consensus Hold rating and a $66.67 price target.

Calamos Advisors LLC trimmed its holdings in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) by 98.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,880 shares of the company's stock after selling 2,452,120 shares during the quarter. Calamos Advisors LLC owned 0.15% of Bandwidth worth $2,907,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Commonwealth Equity Services LLC bought a new stake in Bandwidth during the third quarter worth $690,000. Chicago Partners Investment Group LLC bought a new position in Bandwidth in the 3rd quarter valued at $230,000. Ascent Group LLC bought a new position in Bandwidth in the 3rd quarter valued at $287,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Bandwidth in the 3rd quarter valued at $425,000. Finally, Simplicity Wealth LLC bought a new position in Bandwidth in the 3rd quarter valued at $202,000. 68.53% of the stock is owned by hedge funds and other institutional investors.

Bandwidth Price Performance

Bandwidth stock opened at $40.34 on Monday. Bandwidth Inc. has a 12 month low of $12.50 and a 12 month high of $79.08. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.81. The business's 50 day simple moving average is $50.91 and its 200 day simple moving average is $41.45. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -336.14, a PEG ratio of 3.32 and a beta of 3.17.

Bandwidth (NASDAQ:BAND - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. Bandwidth had a return on equity of 3.70% and a net margin of 1.01%. The business had revenue of $234.02 million during the quarter, compared to analyst estimates of $233.15 million. The firm's revenue for the quarter was up 21.9% on a year-over-year basis. Sell-side analysts forecast that Bandwidth Inc. will post 0.65 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on BAND. Citigroup reiterated a "market outperform" rating on shares of Bandwidth in a research note on Friday, October 30th. Piper Sandler increased their price target on shares of Bandwidth from $38.00 to $52.00 and gave the company a "neutral" rating in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Bandwidth from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. Needham & Company LLC restated a "buy" rating on shares of Bandwidth in a report on Thursday, August 20th. Finally, Citizens Jmp lifted their price objective on shares of Bandwidth from $70.00 to $86.00 and gave the stock a "market outperform" rating in a research report on Monday, July 20th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Bandwidth currently has a consensus rating of "Hold" and a consensus target price of $66.67.

Insider Activity

In other news, CEO David Morken sold 5,128 shares of the company's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $49.15, for a total transaction of $252,041.20. Following the transaction, the chief executive officer owned 6,702 shares of the company's stock, valued at $329,403.30. This represents a 43.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Richard Asbill sold 1,832 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $49.15, for a total value of $90,042.80. Following the transaction, the general counsel owned 7,550 shares of the company's stock, valued at $371,082.50. The trade was a 19.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 25,050 shares of company stock worth $1,228,342. 5.26% of the stock is owned by company insiders.

Bandwidth Profile

Bandwidth Inc NASDAQ: BAND is a cloud communications company that provides application programming interfaces (APIs) and related network services for integrating voice, messaging and emergency communications into software applications. Its platform is designed for businesses, communications providers and technology companies that need to build communications capabilities into customer-facing products and internal workflows.

The company's offerings include programmable voice, text messaging and toll-free messaging services, as well as emergency calling capabilities through its E911 solution.

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