Bridgeway Capital Management Inc. Takes $1 Million Position in Bandwidth Inc (BAND)
Bridgeway Capital Management Inc. purchased a new position in Bandwidth Inc (NASDAQ:BAND) during the third quarter, HoldingsChannel reports. The fund purchased 18,700 shares of the company’s stock, valued at approximately $1,002,000.
Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in Bandwidth by 20.8% in the third quarter. Bank of New York Mellon Corp now owns 1,074,273 shares of the company’s stock valued at $57,549,000 after purchasing an additional 184,837 shares in the last quarter. BlackRock Inc. raised its stake in Bandwidth by 7.2% in the third quarter. BlackRock Inc. now owns 400,570 shares of the company’s stock valued at $21,459,000 after purchasing an additional 26,888 shares in the last quarter. KAMES CAPITAL plc raised its stake in Bandwidth by 42.5% in the third quarter. KAMES CAPITAL plc now owns 254,792 shares of the company’s stock valued at $13,631,000 after purchasing an additional 76,004 shares in the last quarter. Portolan Capital Management LLC purchased a new stake in Bandwidth in the second quarter valued at approximately $8,680,000. Finally, Laurion Capital Management LP purchased a new stake in Bandwidth in the second quarter valued at approximately $7,273,000. 39.37% of the stock is currently owned by hedge funds and other institutional investors.
In other Bandwidth news, General Counsel W. Christopher Matton sold 35,000 shares of the stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $45.18, for a total transaction of $1,581,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 48.62% of the stock is owned by company insiders.
Bandwidth (NASDAQ:BAND) last issued its quarterly earnings results on Tuesday, October 30th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.15. Bandwidth had a net margin of 9.58% and a return on equity of 4.99%. The business had revenue of $50.50 million for the quarter, compared to analysts’ expectations of $47.94 million. During the same period last year, the business earned $0.15 earnings per share. The business’s quarterly revenue was up 22.3% on a year-over-year basis. On average, equities research analysts predict that Bandwidth Inc will post 0.09 EPS for the current fiscal year.
BAND has been the topic of a number of recent analyst reports. KeyCorp reaffirmed an “overweight” rating and issued a $64.00 target price on shares of Bandwidth in a research note on Monday, September 3rd. Canaccord Genuity raised their target price on shares of Bandwidth from $44.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, October 31st. Morgan Stanley raised their target price on shares of Bandwidth from $40.00 to $44.00 and gave the company a “hold” rating in a research note on Wednesday, October 31st. ValuEngine raised shares of Bandwidth from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research downgraded shares of Bandwidth from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 5th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $47.60.
Bandwidth Company Profile
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.
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