Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Bandwidth Inc. (NASDAQ:BAND)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Bandwidth Inc. by 16.6%, owning approximately 611,880 shares valued at $8 million, as of the most recent SEC disclosure.
• Bandwidth reported a quarterly earnings per share of $0.38, surpassing analysts' expectations, with revenues of $180.01 million, a 3.4% increase year-over-year.
• Several institutional investors, including Vanguard Group and Dimensional Fund Advisors, have adjusted their positions in Bandwidth, contributing to a cumulative institutional ownership of over 68% of the stock.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) by 16.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 611,880 shares of the company's stock after buying an additional 87,294 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 2.14% of Bandwidth worth $8,016,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Bandwidth by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,785,698 shares of the company's stock worth $23,393,000 after buying an additional 16,671 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Bandwidth by 9.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company's stock worth $21,260,000 after buying an additional 112,269 shares in the last quarter. Renaissance Technologies LLC lifted its position in Bandwidth by 15.3% during the fourth quarter. Renaissance Technologies LLC now owns 651,300 shares of the company's stock worth $11,085,000 after buying an additional 86,200 shares in the last quarter. Geode Capital Management LLC lifted its position in Bandwidth by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 570,910 shares of the company's stock worth $9,720,000 after buying an additional 2,243 shares in the last quarter. Finally, Parcion Private Wealth LLC lifted its position in 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. Hedge funds and other institutional investors own 68.53% of the company's stock.

Insider Activity

In related news, insider Rebecca Bottorff sold 16,935 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $15.14, for a total transaction of $256,395.90. Following the completion of the transaction, the insider directly owned 43,285 shares of the company's stock, valued at $655,334.90. The trade was a 28.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Richard Brandon Asbill sold 1,914 shares of Bandwidth stock in a transaction dated 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 of the company's stock, valued at $680,292.58. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,728 shares of company stock worth $687,037 over the last three months. Company insiders own 6.20% of the company's stock.

Bandwidth Trading Down 2.0%

Shares of NASDAQ BAND opened at $13.10 on Tuesday. Bandwidth Inc. has a twelve month low of $11.33 and a twelve month high of $23.00. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.64. The stock has a fifty day simple moving average of $14.83 and a 200-day simple moving average of $14.78. The stock has a market capitalization of $394.83 million, a PE ratio of -38.53 and a beta of 1.80.

Bandwidth (NASDAQ:BAND - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $180.01 million during the quarter, compared to analysts' expectations of $178.87 million. During the same period in the previous year, the firm posted $0.29 earnings per share. The company's revenue was up 3.4% on a year-over-year basis. On average, equities analysts forecast that Bandwidth Inc. will post 0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BAND shares. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Bandwidth in a research report on Friday, June 13th. Robert W. Baird cut their target price on Bandwidth from $20.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Morgan Stanley cut their target price on Bandwidth from $18.00 to $11.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Finally, JMP Securities reissued a "market outperform" rating and set a $36.00 target price on shares of Bandwidth in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company 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.

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