Bandwidth Inc. (NASDAQ:BAND) Shares Acquired by Millennium Management LLC

Millennium Management LLC raised its holdings in Bandwidth Inc. (NASDAQ:BAND - Free Report) by 213.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 136,442 shares of the company's stock after acquiring an additional 92,915 shares during the quarter. Millennium Management LLC owned 0.50% of Bandwidth worth $2,322,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Bandwidth by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,185 shares of the company's stock valued at $241,000 after acquiring an additional 608 shares during the period. Lazard Asset Management LLC raised its stake in shares of Bandwidth by 54.2% during the 4th quarter. Lazard Asset Management LLC now owns 89,455 shares of the company's stock worth $1,522,000 after buying an additional 31,456 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of Bandwidth during the 4th quarter worth $204,000. Deutsche Bank AG raised its stake in shares of Bandwidth by 61.7% during the 4th quarter. Deutsche Bank AG now owns 20,203 shares of the company's stock worth $344,000 after buying an additional 7,707 shares during the last quarter. Finally, Corton Capital Inc. raised its stake in shares of Bandwidth by 11.4% during the 4th quarter. Corton Capital Inc. now owns 24,508 shares of the company's stock worth $417,000 after buying an additional 2,509 shares during the last quarter. Institutional investors and hedge funds own 68.53% of the company's stock.

Insiders Place Their Bets

In other Bandwidth news, insider Rebecca Bottorff sold 2,333 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 $33,758.51. Following the transaction, the insider now directly owns 60,220 shares of the company's stock, valued at $871,383.40. This represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction, the chief financial officer now directly owns 119,707 shares in the company, valued at approximately $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 sold a total of 24,676 shares of company stock worth $355,922 in the last 90 days. 6.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BAND shares. JMP Securities reaffirmed a "market outperform" rating and set a $36.00 price target on shares of Bandwidth in a research note on Thursday, May 15th. Needham & Company LLC started coverage on shares of Bandwidth in a research note on Wednesday, May 7th. They issued a "buy" rating and a $20.00 target price for the company. William Blair reissued an "outperform" rating on shares of Bandwidth in a research note on Friday, February 21st. Robert W. Baird cut their target price on shares of Bandwidth from $20.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, Morgan Stanley cut their target price on shares of Bandwidth from $18.00 to $11.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. One 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $20.80.

Bandwidth Price Performance

BAND stock traded down $0.19 during trading on Thursday, hitting $14.23. The stock had a trading volume of 221,700 shares, compared to its average volume of 286,969. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $423.53 million, a price-to-earnings ratio of -24.96 and a beta of 1.88. The company's 50 day moving average price is $13.19 and its two-hundred day moving average price is $15.92. 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 released 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 during the quarter, compared to analysts' expectations of $168.96 million. Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. Bandwidth's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 EPS. On average, sell-side analysts forecast that Bandwidth Inc. will post 0.22 EPS for the current fiscal year.

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.