Barclays raises Bandwidth (NASDAQ:BAND) price target to $28.00

Bandwidth (NASDAQ:BAND – Get a Free Report) The price target was raised by Barclays from $22.00 to $28.00 in a research note issued on Wednesday, Benzinga reports. The company currently has an ‘overweight’ rating on the stock. Barclays’ price target would suggest a potential upside of 30.11% from the company’s previous closing price.

BAND has been the subject of a number of other investigative reports. KeyCorp raised their target price on shares of Bandwidth from $21.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group raised their price objective on shares of Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Robert W. Baird raised his price target on shares of Bandwidth from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Bandwidth currently has an average rating of “Moderate Buy” and an average target price of $25.38.

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Bandwidth trading increases by 1.7%

Shares of BAND opened at $21.52 on Wednesday. The range has a 12-month low of $9.34 and a 12-month high of $25.02. The company has a market cap of $565.35 million, a price-to-earnings ratio of -19.21 and a beta of 1.44. The company has a 50-day moving average of $18.65 and a two-hundred-day moving average of $14.94. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 1.41.

Bandwidth (NASDAQ:BAND – Get Free Report) last reported its earnings results on Wednesday, February 28th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by ($0.01). The company had revenue of $165.00 million for the quarter, compared to the consensus estimate of $154.17 million. Bandwidth had a negative return on equity of 3.10% and a negative net margin of 2.72%. Bandwidth’s revenue rose 5.1% year over year this quarter. During the same quarter last year, the company posted earnings per share of $0.04. As a group, analysts predict that Bandwidth will post 0.19 earnings per share for the current year.

Insider buying and selling with bandwidth

In other news, COO Anthony Bartolo sold 7,798 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares sold at an average price of $18.75, for a total transaction of $146,212.50. Following the completion of the sale, the Chief Operating Officer now owns 76,469 shares of the company’s stock, valued at approximately $1,433,793.75. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. Insiders have sold a total of 12,556 shares of the company’s stock, worth $239,567, over the last ninety days. 6.20% of the shares are currently owned by company insiders.

Hedge funds weigh on the bandwidth

Several hedge funds and other institutional investors have recently changed their positions in the company. Susquehanna Fundamental Investments LLC bought a new stake in shares of Bandwidth during the first quarter valued at $1,143,000. BNP Paribas Financial Markets increased its holdings in Bandwidth shares by 84.4% in the first quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock worth $250,000, after acquiring an additional 6,266 shares last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Bandwidth shares by 100.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,132 shares of the company’s stock worth $386,000 after acquiring an additional 10,571 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Bandwidth during the first quarter worth approximately $364,000. Finally, Palogic Value Management LP grew its holdings in shares of Bandwidth by 17.0% in the fourth quarter. Palogic Value Management LP now owns 300,000 shares of the company’s stock valued at $4,341,000 after purchasing an additional 43,675 shares in the last quarter. Institutional investors own 68.53% of the company’s shares.

About bandwidth

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Bandwidth is a leading enterprise cloud communications company. Companies like Cisco, Google, Microsoft, RingCentral, Uber and Zoom use Bandwidth’s APIs to easily integrate voice, messaging and emergency services into software and applications. Bandwidth is the first and only CPaaS provider to offer a robust selection of communications APIs built around their proprietary IP voice network.

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