Victory Capital Management Inc. Invests $249,000 in Bandwidth Inc. (NASDAQ:BAND)

Key Points

• Victory Capital Management Inc. acquired 19,010 shares of Bandwidth Inc. valued at approximately $249,000, representing a 0.07% stake in the company.
• Multiple analysts have different target prices for Bandwidth, with Robert W. Baird lowering theirs from $20.00 to $15.00, while JMP Securities set a target of $36.00.
• Bandwidth's recent quarterly earnings show an EPS of $0.38, exceeding analyst expectations, with revenue of $180.01 million, reflecting a 3.4% year-over-year increase.

Victory Capital Management Inc. acquired a new position in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 19,010 shares of the company's stock, valued at approximately $249,000. Victory Capital Management Inc. owned approximately 0.07% of Bandwidth at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. CWM LLC increased its stake in Bandwidth by 326.8% in the 1st quarter. CWM LLC now owns 7,460 shares of the company's stock valued at $98,000 after buying an additional 5,712 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Bandwidth by 53.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 21,876 shares of the company's stock valued at $287,000 after buying an additional 7,661 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Bandwidth during the first quarter worth $72,000. Rhumbline Advisers raised its position in shares of Bandwidth by 3.7% in the first quarter. Rhumbline Advisers now owns 35,603 shares of the company's stock valued at $466,000 after purchasing an additional 1,255 shares during the period. Finally, GAMMA Investing LLC grew its stake in Bandwidth by 16,036.6% during the first quarter. GAMMA Investing LLC now owns 6,616 shares of the company's stock worth $87,000 after buying an additional 6,575 shares in the last quarter. Hedge funds and other institutional investors own 68.53% of the company's stock.

Insiders Place Their Bets

In other Bandwidth 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David A. Morken sold 4,999 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $14.47, for a total transaction of $72,335.53. Following the transaction, the chief executive officer directly owned 6,964 shares in the company, valued at approximately $100,769.08. This represents a 41.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,596 shares of company stock valued at $658,682 in the last ninety days. 6.50% of the stock is currently owned by insiders.

Bandwidth Trading Down 1.0%

Shares of NASDAQ:BAND traded down $0.14 during trading on Thursday, reaching $13.59. 81,586 shares of the stock were exchanged, compared to its average volume of 295,073. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.31 and a current ratio of 1.31. Bandwidth Inc. has a 12-month low of $11.33 and a 12-month high of $23.00. The firm has a market cap of $404.36 million, a price-to-earnings ratio of -39.95 and a beta of 1.80. The firm's 50-day moving average price is $14.89 and its 200 day moving average price is $14.86.

Bandwidth (NASDAQ:BAND - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.38 earnings per share 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 business had revenue of $180.01 million during the quarter, compared to analyst estimates of $178.87 million. During the same quarter in the prior 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, sell-side analysts anticipate that Bandwidth Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BAND has been the topic of a number of research analyst reports. Morgan Stanley cut their price target on shares of Bandwidth from $18.00 to $11.00 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Bandwidth in a report on Friday, June 13th. Robert W. Baird lowered 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, JMP Securities reissued a "market outperform" rating and set a $36.00 target price on shares of Bandwidth in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.80.

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.