Renaissance Technologies LLC Boosts Stake in Bandwidth Inc. (NASDAQ:BAND)

Renaissance Technologies LLC lifted its holdings in Bandwidth Inc. (NASDAQ:BAND) by 15.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 651,300 shares of the company’s stock after purchasing an additional 86,200 shares during the period. Renaissance Technologies LLC’s holdings in Bandwidth were worth $11,085,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of BAND. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Bandwidth by 61.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 524,586 shares of the company’s stock valued at $8,928,000 after buying an additional 200,387 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Bandwidth by 88.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 285,559 shares of the company’s stock valued at $4,860,000 after acquiring an additional 133,715 shares during the period. Segall Bryant & Hamill LLC increased its holdings in Bandwidth by 260.3% in the 4th quarter. Segall Bryant & Hamill LLC now owns 122,087 shares of the company’s stock worth $2,078,000 after acquiring an additional 88,198 shares in the last quarter. Vanguard Group Inc. raised its position in Bandwidth by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 1,769,027 shares of the company’s stock worth $30,109,000 after acquiring an additional 73,623 shares during the period. Finally, Trexquant Investment LP lifted its holdings in Bandwidth by 317.2% during the fourth quarter. Trexquant Investment LP now owns 64,538 shares of the company’s stock valued at $1,098,000 after purchasing an additional 49,068 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Insider Transactions at Bandwidth

In related news, CFO Daryl Raiford sold 24,253 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.58, for a total transaction of $377,861.74. Following the completion of the sale, the chief financial officer now directly owns 113,795 shares of the company’s stock, valued at approximately $1,772,926.10. This trade represents a 17.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Richard Brandon Asbill sold 5,629 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.70, for a total transaction of $88,375.30. Following the completion of the sale, the general counsel now owns 57,475 shares in the company, valued at approximately $902,357.50. This trade represents a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,220 shares of company stock worth $1,000,954 in the last 90 days. Insiders own 6.20% of the company’s stock.

Bandwidth Stock Down 1.9 %

Shares of NASDAQ:BAND opened at $12.14 on Thursday. Bandwidth Inc. has a 52-week low of $11.47 and a 52-week high of $25.02. The stock has a market cap of $347.50 million, a P/E ratio of -21.30 and a beta of 1.89. The business has a fifty day moving average of $15.16 and a two-hundred day moving average of $17.16. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.90.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.36). Bandwidth had a negative net margin of 0.87% and a positive return on equity of 0.53%. The firm had revenue of $209.97 million during the quarter, compared to analysts’ expectations of $203.68 million. During the same period in the prior year, the company posted $0.38 EPS. On average, research analysts expect that Bandwidth Inc. will post 0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BAND shares. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, February 21st. William Blair reissued an “outperform” rating on shares of Bandwidth in a report on Friday, February 21st. Morgan Stanley lowered their price target on Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Barclays decreased their price objective on Bandwidth from $25.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.17.

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.