American International Group Inc. Cuts Stock Holdings in Bandwidth Inc. (NASDAQ:BAND)

American International Group Inc. lowered its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,470 shares of the company’s stock after selling 262 shares during the period. American International Group Inc.’s holdings in Bandwidth were worth $2,002,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Arizona State Retirement System grew its holdings in Bandwidth by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 3,990 shares of the company’s stock valued at $507,000 after purchasing an additional 68 shares in the last quarter. Keybank National Association OH grew its holdings in Bandwidth by 2.1% during the 3rd quarter. Keybank National Association OH now owns 5,618 shares of the company’s stock valued at $981,000 after purchasing an additional 118 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Bandwidth by 19.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,695 shares of the company’s stock valued at $215,000 after purchasing an additional 276 shares in the last quarter. Liberty One Investment Management LLC grew its holdings in Bandwidth by 65.7% during the 3rd quarter. Liberty One Investment Management LLC now owns 772 shares of the company’s stock valued at $135,000 after purchasing an additional 306 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Bandwidth by 20.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,024 shares of the company’s stock valued at $353,000 after purchasing an additional 342 shares in the last quarter. 79.61% of the stock is currently owned by institutional investors.

BAND has been the subject of a number of recent analyst reports. Canaccord Genuity raised their price target on shares of Bandwidth from $175.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, October 13th. Needham & Company LLC raised their price objective on shares of Bandwidth from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, October 13th. JPMorgan Chase & Co. raised their price objective on shares of Bandwidth from $170.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, October 13th. KeyCorp raised their price objective on shares of Bandwidth from $125.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, Morgan Stanley lowered shares of Bandwidth from an “equal weight” rating to an “underweight” rating and set a $140.00 price objective for the company. in a report on Wednesday, October 7th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $180.25.

In other news, insider Kade Ross sold 500 shares of Bandwidth stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $177.29, for a total value of $88,645.00. Following the completion of the transaction, the insider now directly owns 5,354 shares of the company’s stock, valued at approximately $949,210.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas A. Suriano sold 234 shares of Bandwidth stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $175.90, for a total transaction of $41,160.60. Following the completion of the sale, the director now owns 5,565 shares in the company, valued at $978,883.50. The disclosure for this sale can be found here. Insiders sold a total of 1,234 shares of company stock valued at $213,106 over the last ninety days. Company insiders own 11.05% of the company’s stock.

Shares of BAND stock opened at $153.00 on Friday. Bandwidth Inc. has a 1-year low of $50.89 and a 1-year high of $198.60. The firm has a fifty day moving average of $166.33 and a two-hundred day moving average of $142.58. The company has a debt-to-equity ratio of 0.89, a current ratio of 10.21 and a quick ratio of 10.21. The firm has a market cap of $3.81 billion, a P/E ratio of -141.67, a P/E/G ratio of 109.05 and a beta of 0.80.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.36. Bandwidth had a negative net margin of 8.90% and a positive return on equity of 0.86%. The business had revenue of $84.80 million during the quarter, compared to analyst estimates of $75.49 million. During the same period in the previous year, the business posted ($0.06) EPS. The company’s quarterly revenue was up 39.0% on a year-over-year basis. On average, sell-side analysts expect that Bandwidth Inc. will post 0.06 EPS for the current year.

Bandwidth Profile

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider in the United States. The company operates in 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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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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