Bridgeway Capital Management Inc. acquired a new position in shares of Bandwidth Inc (NASDAQ:BAND) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,700 shares of the company’s stock, valued at approximately $1,002,000. Bridgeway Capital Management Inc. owned about 0.10% of Bandwidth at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake 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 acquiring an additional 288,730 shares in the last quarter. Portolan Capital Management LLC bought a new stake in shares of Bandwidth in the 2nd quarter worth $8,680,000. Laurion Capital Management LP bought a new stake in shares of Bandwidth in the 2nd quarter worth $7,273,000. KAMES CAPITAL plc grew its stake in shares of Bandwidth by 42.5% in the 3rd quarter. KAMES CAPITAL plc now owns 254,792 shares of the company’s stock worth $13,631,000 after acquiring an additional 76,004 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in shares of Bandwidth by 99.0% in the 3rd quarter. Acadian Asset Management LLC now owns 145,362 shares of the company’s stock worth $7,786,000 after acquiring an additional 72,302 shares in the last quarter. Hedge funds and other institutional investors own 39.37% of the company’s stock.
Several research firms have recently issued reports on BAND. Zacks Investment Research lowered shares of Bandwidth from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 5th. ValuEngine upgraded shares of Bandwidth from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Morgan Stanley upped their target price on shares of Bandwidth from $40.00 to $44.00 and gave the stock a “hold” rating in a research note on Wednesday, October 31st. Canaccord Genuity upped their target price on shares of Bandwidth from $44.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, October 31st. Finally, KeyCorp reiterated an “overweight” rating and issued a $64.00 target price on shares of Bandwidth in a research note on Monday, September 3rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $47.60.
NASDAQ BAND opened at $44.79 on Friday. Bandwidth Inc has a 1 year low of $19.45 and a 1 year high of $57.50. The firm has a market capitalization of $853.44 million and a PE ratio of 210.05.
Bandwidth (NASDAQ:BAND) last posted its quarterly earnings results on Tuesday, October 30th. The company reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.15. The company had revenue of $50.50 million during the quarter, compared to analyst estimates of $47.94 million. Bandwidth had a net margin of 9.58% and a return on equity of 4.99%. The firm’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 earnings per share. On average, research analysts expect that Bandwidth Inc will post 0.09 earnings per share for the current year.
In related news, General Counsel W. Christopher Matton sold 35,000 shares of the stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $45.18, for a total transaction of $1,581,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 48.62% of the stock is currently owned by corporate insiders.
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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.
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