Allspring Global Investments Holdings LLC Reduces Stock Position in Bandwidth Inc. (NASDAQ:BAND)

Allspring Global Investments Holdings LLC lowered its position in shares of Bandwidth Inc. (NASDAQ:BAND) by 82.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,287 shares of the company’s stock after selling 122,945 shares during the period. Allspring Global Investments Holdings LLC owned about 0.10% of Bandwidth worth $366,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAND. Vanguard Group Inc. lifted its position in shares of Bandwidth by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,480,343 shares of the company’s stock worth $16,683,000 after purchasing an additional 43,411 shares during the period. Parcion Private Wealth LLC lifted its position 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 worth $3,132,000 after purchasing an additional 2,153 shares during the period. B. Riley Asset Management LLC purchased a new stake in shares of Bandwidth in the 3rd quarter worth about $682,000. Dark Forest Capital Management LP lifted its position in shares of Bandwidth by 59.7% in the 3rd quarter. Dark Forest Capital Management LP now owns 52,331 shares of the company’s stock worth $590,000 after purchasing an additional 19,563 shares during the period. Finally, Swiss National Bank lifted its position in shares of Bandwidth by 3.0% in the 3rd quarter. Swiss National Bank now owns 51,900 shares of the company’s stock worth $585,000 after purchasing an additional 1,500 shares during the period. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Bandwidth Stock Up 1.5 %

NASDAQ:BAND opened at $18.04 on Friday. The firm has a market cap of $473.91 million, a P/E ratio of -17.23 and a beta of 1.48. The company has a debt-to-equity ratio of 1.41, a quick ratio of 2.06 and a current ratio of 2.06. Bandwidth Inc. has a fifty-two week low of $9.34 and a fifty-two week high of $21.68. The firm has a 50-day simple moving average of $17.53 and a two-hundred day simple moving average of $14.30.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The firm had revenue of $165.00 million for 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 firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.04 earnings per share. Analysts predict that Bandwidth Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Canaccord Genuity Group increased their price target on shares of Bandwidth from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. KeyCorp increased their price target on shares of Bandwidth from $16.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, Barclays increased their price target on shares of Bandwidth from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.71.

Insider Transactions at Bandwidth

In other news, COO Anthony Bartolo sold 7,798 shares of Bandwidth stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $18.75, for a total value of $146,212.50. Following the completion of the sale, the chief operating officer now directly owns 76,469 shares in the company, valued at $1,433,793.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 12,556 shares of company stock worth $239,567 over the last three months. 5.80% of the stock is currently owned by company insiders.

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.