Needham & Company LLC Reiterates “Buy” Rating for Bandwidth (NASDAQ:BAND)

Needham & Company LLC reissued their buy rating on shares of Bandwidth (NASDAQ:BAND) in a research note released on Friday,Benzinga reports. The firm currently has a $20.00 price target on the stock.

Several other analysts have also weighed in on BAND. Morgan Stanley decreased their price target on Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. JMP Securities reiterated a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research report on Thursday, May 15th. Barclays decreased their target price on Bandwidth from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. William Blair reiterated an “outperform” rating on shares of Bandwidth in a research report on Friday, February 21st. Finally, Robert W. Baird decreased their target price on Bandwidth from $20.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. One investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.80.

Bandwidth Stock Performance

NASDAQ:BAND opened at $13.76 on Friday. The stock’s fifty day moving average is $13.42 and its 200 day moving average is $15.70. Bandwidth has a fifty-two week low of $11.33 and a fifty-two week high of $23.90. The firm has a market capitalization of $409.54 million, a PE ratio of -24.14 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.34 and a current ratio of 1.34.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07. Bandwidth had a positive return on equity of 0.53% and a negative net margin of 0.87%. The company had revenue of $174.24 million for the quarter, compared to analyst estimates of $168.96 million. During the same quarter in the prior year, the firm posted $0.27 EPS. Bandwidth’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Bandwidth will post 0.22 earnings per share for the current year.

Insider Activity

In other news, General Counsel Richard Brandon Asbill sold 1,914 shares of the firm’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $14.47, for a total transaction of $27,695.58. Following the transaction, the general counsel now owns 47,014 shares in the company, valued at approximately $680,292.58. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Rebecca Bottorff sold 2,333 shares of the firm’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $14.47, for a total value of $33,758.51. Following the transaction, the insider now owns 60,220 shares in the company, valued at approximately $871,383.40. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,611 shares of company stock worth $612,318. Company insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

A number of large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in Bandwidth by 3.7% in the first quarter. Rhumbline Advisers now owns 35,603 shares of the company’s stock worth $466,000 after purchasing an additional 1,255 shares in the last quarter. Palogic Value Management L.P. raised its holdings in Bandwidth by 10.0% in the first quarter. Palogic Value Management L.P. now owns 220,000 shares of the company’s stock worth $2,882,000 after purchasing an additional 20,000 shares in the last quarter. AQR Capital Management LLC raised its holdings in Bandwidth by 303.1% in the first quarter. AQR Capital Management LLC now owns 393,907 shares of the company’s stock worth $5,160,000 after purchasing an additional 296,199 shares in the last quarter. PDT Partners LLC bought a new position in Bandwidth in the first quarter worth about $470,000. Finally, Panagora Asset Management Inc. raised its holdings in Bandwidth by 7.4% in the first quarter. Panagora Asset Management Inc. now owns 143,177 shares of the company’s stock worth $1,876,000 after purchasing an additional 9,913 shares in the last quarter. 68.53% of the stock is currently owned by institutional investors.

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.