Bandwidth Inc. (NASDAQ:BAND) Receives $166.77 Consensus Price Target from Analysts

Bandwidth Inc. (NASDAQ:BAND) has received a consensus rating of “Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $166.77.

A number of research firms recently commented on BAND. Needham & Company LLC began coverage on shares of Bandwidth in a report on Tuesday, June 22nd. They issued a “buy” rating and a $155.00 target price on the stock. initiated coverage on shares of Bandwidth in a report on Wednesday, July 7th. They issued a “neutral” rating and a $155.00 target price on the stock. Citigroup began coverage on shares of Bandwidth in a research report on Wednesday, July 7th. They set a “neutral” rating and a $177.22 price objective on the stock. TheStreet downgraded shares of Bandwidth from a “c” rating to a “d+” rating in a report on Friday, August 20th. Finally, Canaccord Genuity cut their target price on shares of Bandwidth from $227.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, August 6th.

In related news, Director John C. Murdock sold 244 shares of the firm’s stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $127.05, for a total transaction of $31,000.20. Following the transaction, the director now directly owns 20,409 shares of the company’s stock, valued at approximately $2,592,963.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.59% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Artisan Partners Limited Partnership grew its position in shares of Bandwidth by 197.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 358,437 shares of the company’s stock worth $49,436,000 after buying an additional 237,973 shares during the last quarter. Fred Alger Management LLC boosted its position in shares of Bandwidth by 30.5% during the first quarter. Fred Alger Management LLC now owns 919,222 shares of the company’s stock valued at $116,502,000 after purchasing an additional 214,783 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Bandwidth by 420.1% during the first quarter. Renaissance Technologies LLC now owns 221,400 shares of the company’s stock valued at $28,060,000 after purchasing an additional 178,833 shares in the last quarter. Morgan Stanley boosted its holdings in Bandwidth by 103.5% in the second quarter. Morgan Stanley now owns 292,767 shares of the company’s stock worth $40,378,000 after acquiring an additional 148,866 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Bandwidth by 45.8% in the first quarter. Thrivent Financial for Lutherans now owns 361,290 shares of the company’s stock worth $45,790,000 after acquiring an additional 113,489 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:BAND opened at $98.70 on Wednesday. The company has a 50 day moving average of $113.45 and a 200-day moving average of $121.78. The firm has a market cap of $2.48 billion, a P/E ratio of -70.50, a P/E/G ratio of 29.16 and a beta of 0.42. Bandwidth has a twelve month low of $95.75 and a twelve month high of $198.60. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.06.

Bandwidth (NASDAQ:BAND) last released its earnings results on Wednesday, August 4th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.36. Bandwidth had a negative net margin of 7.99% and a positive return on equity of 3.68%. The business had revenue of $120.66 million for the quarter, compared to the consensus estimate of $116.51 million. Equities research analysts forecast that Bandwidth will post 0.2 EPS for the current year.

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.

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Analyst Recommendations for Bandwidth (NASDAQ:BAND)

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