Potrero Capital Research LLC decreased its position in shares of Bandwidth Inc (NASDAQ:BAND) by 80.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,802 shares of the company’s stock after selling 153,371 shares during the quarter. Bandwidth comprises about 1.6% of Potrero Capital Research LLC’s investment portfolio, making the stock its 22nd largest holding. Potrero Capital Research LLC owned about 0.16% of Bandwidth worth $2,761,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. US Bancorp DE lifted its holdings in Bandwidth by 66.8% in the second quarter. US Bancorp DE now owns 502 shares of the company’s stock worth $37,000 after purchasing an additional 201 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Bandwidth during the 2nd quarter worth about $66,000. Bank of Montreal Can bought a new stake in shares of Bandwidth during the 2nd quarter worth about $103,000. Bank of America Corp DE raised its position in shares of Bandwidth by 92.3% during the 4th quarter. Bank of America Corp DE now owns 2,552 shares of the company’s stock worth $104,000 after buying an additional 1,225 shares in the last quarter. Finally, Alambic Investment Management L.P. bought a new stake in shares of Bandwidth during the 1st quarter worth about $275,000. 65.47% of the stock is owned by institutional investors.
A number of analysts have commented on BAND shares. Zacks Investment Research downgraded shares of Bandwidth from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Morgan Stanley cut shares of Bandwidth from an “equal” rating to a “weight” rating and lowered their price objective for the stock from $74.00 to $67.00 in a research note on Thursday. They noted that the move was a valuation call. ValuEngine cut shares of Bandwidth from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Bandwidth in a research note on Wednesday, July 3rd. They issued an “overweight” rating and a $90.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $77.50.
Bandwidth (NASDAQ:BAND) last released its earnings results on Wednesday, July 31st. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.19. The business had revenue of $56.80 million for the quarter, compared to the consensus estimate of $55.06 million. Bandwidth had a net margin of 3.14% and a negative return on equity of 4.97%. The firm’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. On average, sell-side analysts predict that Bandwidth Inc will post -0.68 earnings per share for the current year.
In other news, major shareholder Henry R. Kaestner sold 16,685 shares of Bandwidth stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $85.45, for a total value of $1,425,733.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel W. Christopher Matton sold 502 shares of Bandwidth stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $73.81, for a total transaction of $37,052.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 138,829 shares of company stock worth $10,850,441. 15.27% of the stock is currently owned by insiders.
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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