Bandwidth (NASDAQ:BAND) Price Target Increased to $40.00 by Analysts at Canaccord Genuity Group

Bandwidth (NASDAQ:BAND) had its price target lifted by investment analysts at Canaccord Genuity Group from $38.00 to $40.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 85.53% from the company’s previous close.

A number of other brokerages also recently commented on BAND. Robert W. Baird raised their price objective on shares of Bandwidth from $21.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday. Barclays increased their target price on Bandwidth from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Finally, KeyCorp lifted their target price on Bandwidth from $16.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Four investment 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 has an average rating of “Moderate Buy” and an average target price of $21.43.

Bandwidth Stock Down 4.3 %

Shares of Bandwidth stock traded down $0.98 during trading hours on Wednesday, hitting $21.56. The company had a trading volume of 270,709 shares, compared to its average volume of 345,577. The company has a market cap of $566.38 million, a P/E ratio of -20.74 and a beta of 1.44. Bandwidth has a twelve month low of $9.34 and a twelve month high of $25.02. The company’s 50-day moving average is $18.58 and its two-hundred day moving average is $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 (NASDAQ:BAND) last announced its earnings results on Wednesday, February 28th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Bandwidth had a negative return on equity of 3.10% and a negative net margin of 2.72%. The business had revenue of $165.00 million for the quarter, compared to analysts’ expectations of $154.17 million. During the same quarter last year, the business posted $0.04 earnings per share. The business’s revenue was up 5.1% on a year-over-year basis. Analysts anticipate that Bandwidth will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bandwidth news, COO Anthony Bartolo sold 7,798 shares of the firm’s stock in a transaction dated 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 transaction, 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 filing with the SEC, which is accessible through this link. Insiders have sold 12,556 shares of company stock worth $239,567 in the last three months. 6.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bandwidth

A number of institutional investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale acquired a new position in Bandwidth in the third quarter worth approximately $75,000. Headlands Technologies LLC increased its stake in shares of Bandwidth by 21.3% during the 3rd quarter. Headlands Technologies LLC now owns 9,315 shares of the company’s stock worth $105,000 after purchasing an additional 1,636 shares during the last quarter. Quest Partners LLC bought a new position in shares of Bandwidth during the 4th quarter valued at $145,000. Raymond James & Associates acquired a new stake in shares of Bandwidth in the 3rd quarter valued at $115,000. Finally, BNP Paribas Financial Markets increased its position in Bandwidth by 84.4% during the first quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock worth $250,000 after buying an additional 6,266 shares during the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

About Bandwidth

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.