Insider Selling: Bandwidth Inc (NASDAQ:BAND) Major Shareholder Sells 50,000 Shares of Stock

Bandwidth Inc (NASDAQ:BAND) major shareholder Henry R. Kaestner sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $75.47, for a total transaction of $3,773,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

NASDAQ:BAND traded up $0.59 on Friday, hitting $77.34. The company had a trading volume of 85,011 shares, compared to its average volume of 309,390. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 249.48 and a beta of 0.94. Bandwidth Inc has a 52 week low of $27.75 and a 52 week high of $82.66.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.12) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.13. The business had revenue of $53.30 million during the quarter, compared to the consensus estimate of $51.35 million. Bandwidth had a net margin of 6.71% and a negative return on equity of 2.45%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, equities analysts predict that Bandwidth Inc will post -0.7 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in BAND. Gilder Gagnon Howe & Co. LLC grew its stake in Bandwidth by 14.9% in the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 551,652 shares of the company’s stock worth $36,939,000 after buying an additional 71,491 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Bandwidth during the first quarter worth $237,000. BlueCrest Capital Management Ltd lifted its position in shares of Bandwidth by 74.2% during the first quarter. BlueCrest Capital Management Ltd now owns 15,160 shares of the company’s stock worth $1,015,000 after purchasing an additional 6,459 shares during the last quarter. SEI Investments Co lifted its position in shares of Bandwidth by 54.2% during the first quarter. SEI Investments Co now owns 23,759 shares of the company’s stock worth $1,591,000 after purchasing an additional 8,351 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Bandwidth during the first quarter worth $1,971,000. 54.66% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently commented on BAND. Zacks Investment Research downgraded shares of Bandwidth from a “hold” rating to a “sell” rating in a research note on Monday, February 18th. Canaccord Genuity increased their price objective on shares of Bandwidth from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Robert W. Baird increased their price objective on shares of Bandwidth from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Morgan Stanley increased their price objective on shares of Bandwidth from $48.00 to $74.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. Finally, KeyCorp increased their price objective on shares of Bandwidth from $64.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Bandwidth presently has a consensus rating of “Buy” and an average target price of $76.40.

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About Bandwidth

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider 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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Insider Buying and Selling by Quarter for Bandwidth (NASDAQ:BAND)

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