Bandwidth (NASDAQ:BAND) had its price target upped by Canaccord Genuity from $44.00 to $60.00 in a research note published on Wednesday, The Fly reports. They currently have a buy rating on the stock.
Separately, KeyCorp reiterated an overweight rating and set a $64.00 price objective on shares of Bandwidth in a research note on Monday, September 3rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $45.67.
NASDAQ:BAND opened at $53.62 on Wednesday. Bandwidth has a 52-week low of $18.05 and a 52-week high of $57.50. The firm has a market cap of $1.01 billion and a P/E ratio of 255.33.
Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Tuesday, October 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.15. Bandwidth had a return on equity of 5.29% and a net margin of 9.58%. The company had revenue of $50.50 million for the quarter, compared to analyst estimates of $47.94 million. During the same period in the previous year, the company posted $0.15 EPS. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. On average, research analysts anticipate that Bandwidth will post 0.09 earnings per share for the current year.
In other Bandwidth news, major shareholder James A. Bowen sold 350,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $42.00, for a total value of $14,700,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Henry R. Kaestner sold 8,750 shares of the company’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $43.96, for a total value of $384,650.00. The disclosure for this sale can be found here. Insiders sold a total of 459,471 shares of company stock worth $19,568,660 over the last 90 days. Corporate insiders own 48.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in BAND. Gilder Gagnon Howe & Co. LLC increased its stake in Bandwidth by 539.6% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 479,811 shares of the company’s stock worth $18,223,000 after acquiring an additional 404,793 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Bandwidth by 48.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 889,436 shares of the company’s stock worth $33,780,000 after purchasing an additional 288,730 shares in the last quarter. Portolan Capital Management LLC purchased a new position in shares of Bandwidth in the 2nd quarter worth about $8,680,000. Laurion Capital Management LP purchased a new position in shares of Bandwidth in the 2nd quarter worth about $7,273,000. Finally, KAMES CAPITAL plc purchased a new position in shares of Bandwidth in the 2nd quarter worth about $6,790,000. Institutional investors and hedge funds own 30.28% of the company’s stock.
Bandwidth Company Profile
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.
Further Reading: Call Option
Receive News & Ratings for Bandwidth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bandwidth and related companies with MarketBeat.com's FREE daily email newsletter.