Parcion Private Wealth LLC Purchases 3,927 Shares of Bandwidth Inc. (NASDAQ:BAND)

Parcion Private Wealth LLC lifted its holdings in Bandwidth Inc. (NASDAQ:BAND) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 228,210 shares of the company’s stock after purchasing an additional 3,927 shares during the period. Parcion Private Wealth LLC owned about 0.84% of Bandwidth worth $3,996,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC bought a new stake in shares of Bandwidth during the 1st quarter valued at $1,143,000. Acadian Asset Management LLC increased its position in Bandwidth by 15.7% in the first quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after buying an additional 46,342 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Bandwidth by 143.9% in the second quarter. Hsbc Holdings PLC now owns 55,259 shares of the company’s stock worth $929,000 after buying an additional 32,598 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Bandwidth during the 2nd quarter valued at about $1,113,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Bandwidth by 50.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock valued at $2,356,000 after buying an additional 46,547 shares in the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Robert W. Baird decreased their target price on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, August 2nd. JMP Securities reiterated a “market outperform” rating and issued a $36.00 price target on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Barclays cut their target price on Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $25.71.

Bandwidth Stock Performance

NASDAQ:BAND opened at $17.88 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $482.90 million, a price-to-earnings ratio of -15.96 and a beta of 1.51. Bandwidth Inc. has a 1 year low of $9.34 and a 1 year high of $25.02. The stock’s 50 day simple moving average is $17.32 and its two-hundred day simple moving average is $18.23.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.89%. The company had revenue of $174.00 million for the quarter, compared to analysts’ expectations of $173.18 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. Bandwidth’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities analysts anticipate that Bandwidth Inc. will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bandwidth news, CFO Daryl Raiford sold 4,350 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total transaction of $73,819.50. Following the sale, the chief financial officer now directly owns 71,546 shares in the company, valued at $1,214,135.62. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders sold 8,525 shares of company stock worth $146,548. Corporate insiders own 6.20% of the company’s stock.

Bandwidth Company Profile

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.