Wedbush Securities Inc. Grows Position in Bandwidth Inc (NASDAQ:BAND)

Wedbush Securities Inc. raised its holdings in shares of Bandwidth Inc (NASDAQ:BAND) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,364 shares of the company’s stock after purchasing an additional 420 shares during the quarter. Wedbush Securities Inc. owned approximately 0.14% of Bandwidth worth $2,107,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. US Bancorp DE lifted its holdings in Bandwidth by 66.8% during the second quarter. US Bancorp DE now owns 502 shares of the company’s stock valued at $37,000 after purchasing an additional 201 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Bandwidth by 118.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 738 shares of the company’s stock valued at $55,000 after purchasing an additional 400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Bandwidth during the second quarter valued at about $66,000. Bender Robert & Associates lifted its holdings in Bandwidth by 1.5% during the second quarter. Bender Robert & Associates now owns 61,289 shares of the company’s stock valued at $4,924,000 after purchasing an additional 895 shares during the last quarter. Finally, Bank of Montreal Can purchased a new stake in Bandwidth during the second quarter valued at about $103,000. 65.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of BAND traded down $1.04 during midday trading on Friday, hitting $58.46. 8,117 shares of the company traded hands, compared to its average volume of 319,266. The stock has a 50-day moving average of $71.78 and a 200-day moving average of $74.54. Bandwidth Inc has a one year low of $27.75 and a one year high of $90.63. The firm has a market cap of $1.40 billion, a P/E ratio of 188.77 and a beta of 0.60.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.19. Bandwidth had a negative return on equity of 4.97% and a net margin of 3.14%. The firm had revenue of $56.80 million for the quarter, compared to analysts’ expectations of $55.06 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s revenue was up 17.6% on a year-over-year basis. On average, equities research analysts predict that Bandwidth Inc will post -0.68 earnings per share for the current fiscal year.

Several brokerages have recently weighed in on BAND. JPMorgan Chase & Co. began coverage on Bandwidth in a research report on Wednesday, July 3rd. They set an “overweight” rating and a $90.00 price target on the stock. Zacks Investment Research cut Bandwidth from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Morgan Stanley cut Bandwidth from an “equal” rating to a “weight” rating and decreased their price target for the company from $74.00 to $67.00 in a research report on Thursday, September 19th. They noted that the move was a valuation call. Finally, ValuEngine cut Bandwidth from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $77.50.

In related news, major shareholder Henry R. Kaestner sold 16,685 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $85.45, for a total value of $1,425,733.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jeffrey A. Hoffman sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $85.04, for a total transaction of $850,400.00. The disclosure for this sale can be found here. Corporate insiders own 15.27% of the company’s stock.

Bandwidth Profile

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider 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.

Featured Story: Percentage Gainers

Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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.