Bandwidth (NASDAQ:BAND) Given New $40.00 Price Target at Canaccord Genuity Group

Bandwidth (NASDAQ:BAND) had its target price upped by Canaccord Genuity Group from $38.00 to $40.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also issued reports on BAND. Robert W. Baird raised their target price on shares of Bandwidth from $21.00 to $25.00 and gave the company a neutral rating in a research note on Wednesday. Barclays boosted their price objective on Bandwidth from $20.00 to $22.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Finally, KeyCorp upped their price target on Bandwidth from $16.00 to $21.00 and gave the stock an overweight rating in a report on Thursday, February 29th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $25.38.

Bandwidth Stock Down 6.2 %

Bandwidth stock opened at $21.15 on Wednesday. The company has a market capitalization of $555.61 million, a P/E ratio of -20.14 and a beta of 1.44. Bandwidth has a 1-year low of $9.34 and a 1-year high of $25.02. The firm’s fifty day simple moving average is $18.64 and its 200-day simple moving average is $14.89. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 1.41.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Bandwidth had a negative return on equity of 3.10% and a negative net margin of 2.72%. The company had revenue of $165.00 million during the quarter, compared to analyst estimates of $154.17 million. During the same period in the prior year, the firm earned $0.04 EPS. Bandwidth’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts forecast that Bandwidth will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bandwidth news, COO Anthony Bartolo sold 7,798 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $18.75, for a total transaction of $146,212.50. Following the completion of the transaction, the chief operating officer now directly owns 76,469 shares in the company, valued at $1,433,793.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 12,556 shares of company stock worth $239,567 in the last 90 days. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bandwidth

A number of hedge funds and other institutional investors have recently bought and sold shares of BAND. Susquehanna Fundamental Investments LLC bought a new stake in shares of Bandwidth during the first quarter worth $1,143,000. BNP Paribas Financial Markets increased its position in Bandwidth by 84.4% in the 1st quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock valued at $250,000 after acquiring an additional 6,266 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Bandwidth by 100.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,132 shares of the company’s stock worth $386,000 after acquiring an additional 10,571 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Bandwidth in the first quarter worth about $364,000. Finally, Palogic Value Management L.P. lifted its position in shares of Bandwidth by 17.0% during the fourth quarter. Palogic Value Management L.P. now owns 300,000 shares of the company’s stock worth $4,341,000 after purchasing an additional 43,675 shares in the last quarter. 68.53% of the stock is owned by institutional investors and hedge funds.

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.