Melqart Asset Management UK Ltd Buys 86,780 Shares of Bandwidth Inc. (NASDAQ:BAND)

Melqart Asset Management UK Ltd boosted its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 254.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,831 shares of the company’s stock after buying an additional 86,780 shares during the period. Melqart Asset Management UK Ltd owned approximately 0.48% of Bandwidth worth $15,314,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors bought a new position in Bandwidth during the 4th quarter valued at approximately $27,000. Turim 21 Investimentos Ltda. purchased a new stake in Bandwidth during the 1st quarter valued at $41,000. Benjamin F. Edwards & Company Inc. purchased a new stake in Bandwidth during the 1st quarter valued at $55,000. Focused Wealth Management Inc purchased a new stake in Bandwidth during the 1st quarter valued at $63,000. Finally, The PNC Financial Services Group Inc. boosted its stake in Bandwidth by 377.4% during the 1st quarter. The PNC Financial Services Group Inc. now owns 506 shares of the company’s stock valued at $63,000 after purchasing an additional 400 shares during the last quarter. 92.21% of the stock is owned by institutional investors.

NASDAQ BAND traded up $0.47 on Thursday, hitting $133.73. 2,821 shares of the company traded hands, compared to its average volume of 280,237. The firm has a market cap of $3.36 billion, a P/E ratio of -67.38 and a beta of 0.47. The company has a quick ratio of 4.98, a current ratio of 4.98 and a debt-to-equity ratio of 1.05. The business has a 50 day simple moving average of $126.07. Bandwidth Inc. has a 52-week low of $107.01 and a 52-week high of $198.60.

Bandwidth (NASDAQ:BAND) last released its earnings results on Tuesday, May 4th. The company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.29. The company had revenue of $113.48 million for the quarter, compared to the consensus estimate of $108.37 million. Bandwidth had a positive return on equity of 2.94% and a negative net margin of 12.43%. As a group, analysts anticipate that Bandwidth Inc. will post -0.04 EPS for the current year.

Several brokerages have commented on BAND. began coverage on Bandwidth in a research note on Wednesday, July 7th. They set a “neutral” rating and a $155.00 target price on the stock. Citigroup began coverage on Bandwidth in a research note on Wednesday, July 7th. They set a “neutral” rating and a $177.22 target price on the stock. TheStreet upgraded Bandwidth from a “d+” rating to a “c-” rating in a research note on Thursday, May 6th. Piper Sandler assumed coverage on Bandwidth in a research note on Thursday, June 17th. They set a “neutral” rating and a $135.00 target price on the stock. Finally, assumed coverage on Bandwidth in a research note on Wednesday, July 7th. They issued a “neutral” rating and a $155.00 price target on the stock. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $170.60.

In other Bandwidth news, CEO David A. Morken sold 2,562 shares of the firm’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $136.91, for a total transaction of $350,763.42. Following the sale, the chief executive officer now directly owns 3,979 shares of the company’s stock, valued at $544,764.89. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas A. Suriano sold 800 shares of the firm’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $137.09, for a total value of $109,672.00. Following the sale, the director now directly owns 5,125 shares in the company, valued at $702,586.25. The disclosure for this sale can be found here. Insiders have sold 8,789 shares of company stock worth $1,180,385 over the last quarter. 11.05% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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