Bandwidth (NASDAQ:BAND) Given New $40.00 Price Target at Canaccord Genuity Group

Bandwidth (NASDAQ:BAND) had its price target boosted by equities research analysts at Canaccord Genuity Group from $38.00 to $40.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 85.53% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Robert W. Baird boosted their target price on shares of Bandwidth from $21.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday. Barclays upped their price objective on shares of Bandwidth from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Finally, KeyCorp boosted their target price on shares of Bandwidth from $16.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.43.

Bandwidth Trading Down 4.3 %

Shares of Bandwidth stock traded down $0.98 during midday trading on Wednesday, reaching $21.56. The company had a trading volume of 270,709 shares, compared to its average volume of 345,577. The firm has a market cap of $566.38 million, a PE ratio of -20.74 and a beta of 1.44. The stock has a fifty day moving average price of $18.58 and a 200 day moving average price of $14.85. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.06 and a quick ratio of 2.06. Bandwidth has a fifty-two week low of $9.34 and a fifty-two week high of $25.02.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The firm had revenue of $165.00 million during the quarter, compared to the consensus estimate of $154.17 million. Bandwidth had a negative net margin of 2.72% and a negative return on equity of 3.10%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. On average, equities analysts anticipate that Bandwidth will post 0.19 earnings per share for the current year.

Insider Buying and Selling at Bandwidth

In other Bandwidth news, COO Anthony Bartolo sold 7,798 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $18.75, for a total transaction of $146,212.50. Following the sale, the chief operating officer now directly owns 76,469 shares of the company’s stock, valued at $1,433,793.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 12,556 shares of company stock worth $239,567 over the last ninety days. 6.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bandwidth

Hedge funds have recently made changes to their positions in the stock. Swiss National Bank boosted its stake in shares of Bandwidth by 3.0% in the 3rd quarter. Swiss National Bank now owns 51,900 shares of the company’s stock valued at $585,000 after purchasing an additional 1,500 shares in the last quarter. Headlands Technologies LLC increased its holdings in shares of Bandwidth by 21.3% in the third quarter. Headlands Technologies LLC now owns 9,315 shares of the company’s stock worth $105,000 after buying an additional 1,636 shares during the period. Parcion Private Wealth LLC lifted its stake in shares of Bandwidth by 1.0% in the 4th quarter. Parcion Private Wealth LLC now owns 216,428 shares of the company’s stock valued at $3,132,000 after acquiring an additional 2,153 shares during the last quarter. BNP Paribas Financial Markets grew its position in Bandwidth by 84.4% during the 1st quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock worth $250,000 after acquiring an additional 6,266 shares during the last quarter. Finally, Olympiad Research LP increased its stake in Bandwidth by 65.4% in the 4th quarter. Olympiad Research LP now owns 16,917 shares of the company’s stock worth $245,000 after purchasing an additional 6,686 shares during the period. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

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.