Bandwidth Inc. (NASDAQ:BAND) Stock Position Trimmed by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Bandwidth Inc. (NASDAQ:BAND - Free Report) by 82.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,287 shares of the company's stock after selling 122,945 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.10% of Bandwidth worth $366,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. B. Riley Asset Management LLC purchased a new stake in shares of Bandwidth during the 3rd quarter worth approximately $682,000. Vanguard Group Inc. lifted its position in shares of Bandwidth by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,480,343 shares of the company's stock worth $16,683,000 after buying an additional 43,411 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Bandwidth during the 3rd quarter worth approximately $388,000. Hussman Strategic Advisors Inc. purchased a new stake in shares of Bandwidth during the 3rd quarter worth approximately $355,000. Finally, Dark Forest Capital Management LP lifted its position in shares of Bandwidth by 59.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 52,331 shares of the company's stock worth $590,000 after buying an additional 19,563 shares during the last quarter. Hedge funds and other institutional investors own 68.53% of the company's stock.

Bandwidth Stock Performance

NASDAQ BAND traded up $0.26 during trading hours on Friday, hitting $18.04. 109,854 shares of the stock were exchanged, compared to its average volume of 212,086. The company has a market cap of $473.91 million, a price-to-earnings ratio of -17.18 and a beta of 1.48. Bandwidth Inc. has a 12-month low of $9.34 and a 12-month high of $21.68. The stock has a 50-day moving average of $17.62 and a 200 day moving average of $14.35. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 1.41.

Bandwidth (NASDAQ:BAND - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The firm had revenue of $165.00 million for the quarter, compared to analysts' expectations of $154.17 million. Bandwidth had a negative return on equity of 3.10% and a negative net margin of 2.72%. The company's revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.04 earnings per share. As a group, equities research analysts forecast that Bandwidth Inc. will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In other Bandwidth news, COO Anthony Bartolo sold 7,798 shares of the company's stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $18.75, for a total transaction of $146,212.50. Following the transaction, the chief operating officer now directly owns 76,469 shares in the company, valued at $1,433,793.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 12,556 shares of company stock worth $239,567. 5.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Barclays upped their price target on shares of Bandwidth from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, February 29th. KeyCorp upped their price target on shares of Bandwidth from $16.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, February 29th. Finally, Canaccord Genuity Group lifted their price objective on shares of Bandwidth from $36.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.71.

Bandwidth Company 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.