Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in Bandwidth Inc. (NASDAQ:BAND)

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Bandwidth Inc. (NASDAQ:BAND) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 611,880 shares of the company’s stock after acquiring an additional 87,294 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bandwidth were worth $8,016,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Bandwidth by 4.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,185 shares of the company’s stock worth $241,000 after purchasing an additional 608 shares during the period. Rhumbline Advisers increased its position in Bandwidth by 3.7% during the 1st quarter. Rhumbline Advisers now owns 35,603 shares of the company’s stock worth $466,000 after purchasing an additional 1,255 shares during the period. Covestor Ltd acquired a new position in Bandwidth during the 4th quarter worth approximately $25,000. Price T Rowe Associates Inc. MD increased its position in Bandwidth by 10.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,182 shares of the company’s stock worth $293,000 after purchasing an additional 1,658 shares during the period. Finally, Algert Global LLC increased its position in Bandwidth by 10.4% during the 4th quarter. Algert Global LLC now owns 18,280 shares of the company’s stock worth $311,000 after purchasing an additional 1,720 shares during the period. 68.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BAND shares. JMP Securities reiterated a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research report on Thursday, May 15th. Morgan Stanley dropped their target price on Bandwidth from $18.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Bandwidth in a research report on Friday, June 13th. Finally, Robert W. Baird lowered their price target on Bandwidth from $20.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.80.

Bandwidth Price Performance

Bandwidth stock opened at $13.10 on Tuesday. Bandwidth Inc. has a 52 week low of $11.33 and a 52 week high of $23.00. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.64. The firm’s 50-day simple moving average is $14.83 and its 200 day simple moving average is $14.78. The firm has a market capitalization of $394.83 million, a PE ratio of -38.53 and a beta of 1.80.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.32 by $0.06. Bandwidth had a negative net margin of 1.32% and a positive return on equity of 1.43%. The business had revenue of $180.01 million for the quarter, compared to analyst estimates of $178.87 million. During the same period in the previous year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Bandwidth Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity

In other Bandwidth news, insider Rebecca Bottorff sold 16,935 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $15.14, for a total transaction of $256,395.90. Following the sale, the insider owned 43,285 shares in the company, valued at approximately $655,334.90. This represents a 28.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David A. Morken sold 4,999 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $14.47, for a total value of $72,335.53. Following the sale, the chief executive officer owned 6,964 shares in the company, valued at approximately $100,769.08. This trade represents a 41.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,728 shares of company stock worth $687,037 in the last quarter. 6.20% of the stock is currently owned by corporate insiders.

Bandwidth 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.