Renaissance Technologies LLC increased its position in shares of Bandwidth Inc. (NASDAQ:BAND – Get Rating) by 50.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 364,200 shares of the company’s stock after purchasing an additional 121,500 shares during the quarter. Renaissance Technologies LLC owned 1.44% of Bandwidth worth $4,334,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in Bandwidth by 27.5% in the first quarter. Capital Research Global Investors now owns 2,324,883 shares of the company’s stock valued at $75,303,000 after acquiring an additional 501,958 shares during the period. Federated Hermes Inc. bought a new stake in shares of Bandwidth in the 2nd quarter worth approximately $3,132,000. Vanguard Group Inc. boosted its position in Bandwidth by 7.6% during the 1st quarter. Vanguard Group Inc. now owns 2,013,470 shares of the company’s stock valued at $65,217,000 after purchasing an additional 142,078 shares during the period. Deutsche Bank AG grew its stake in Bandwidth by 133.6% during the 2nd quarter. Deutsche Bank AG now owns 157,936 shares of the company’s stock worth $2,972,000 after buying an additional 90,332 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Bandwidth by 496.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,869 shares of the company’s stock worth $986,000 after buying an additional 68,969 shares during the period. Institutional investors and hedge funds own 71.12% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have recently issued reports on BAND shares. Barclays reduced their price target on shares of Bandwidth from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, February 24th. Morgan Stanley dropped their price target on shares of Bandwidth from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, February 24th. KeyCorp decreased their price objective on Bandwidth from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Friday, February 24th. Piper Sandler downgraded Bandwidth from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $18.00 to $25.00 in a research note on Tuesday, January 17th. Finally, Citigroup increased their price target on Bandwidth from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Bandwidth currently has a consensus rating of “Hold” and an average price target of $29.44.
Bandwidth Trading Down 4.8 %
Shares of BAND stock opened at $14.38 on Monday. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 1.77. The stock has a 50-day simple moving average of $21.91 and a 200 day simple moving average of $18.86. Bandwidth Inc. has a fifty-two week low of $9.20 and a fifty-two week high of $34.89. The stock has a market capitalization of $365.83 million, a P/E ratio of -20.25 and a beta of 1.26.
Bandwidth (NASDAQ:BAND – Get Rating) last announced its earnings results on Thursday, February 23rd. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $157.00 million for the quarter, compared to analyst estimates of $146.96 million. Bandwidth had a negative return on equity of 0.49% and a net margin of 3.41%. Bandwidth’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.09 earnings per share. On average, sell-side analysts expect that Bandwidth Inc. will post -0.07 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Lukas M. Roush purchased 9,200 shares of the stock in a transaction dated Friday, March 3rd. The shares were acquired at an average cost of $15.99 per share, for a total transaction of $147,108.00. Following the acquisition, the director now directly owns 23,890 shares in the company, valued at approximately $382,001.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.79% of the company’s stock.
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.