Bandwidth Inc (NASDAQ:BAND) Shares Sold by Invesco Ltd.

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Invesco Ltd. lowered its stake in Bandwidth Inc (NASDAQ:BAND) by 80.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,166 shares of the company’s stock after selling 179,978 shares during the quarter. Invesco Ltd.’s holdings in Bandwidth were worth $3,238,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAND. Gilder Gagnon Howe & Co. LLC lifted its position in Bandwidth by 14.9% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 551,652 shares of the company’s stock valued at $36,939,000 after buying an additional 71,491 shares during the last quarter. Strs Ohio acquired a new position in Bandwidth in the second quarter valued at about $322,000. Virginia Retirement Systems ET AL acquired a new position in Bandwidth in the second quarter valued at about $1,388,000. Moody Aldrich Partners LLC lifted its position in shares of Bandwidth by 34.7% during the second quarter. Moody Aldrich Partners LLC now owns 38,217 shares of the company’s stock worth $2,867,000 after purchasing an additional 9,850 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Bandwidth during the second quarter worth about $300,000. 65.47% of the stock is currently owned by institutional investors.

Shares of BAND opened at $60.57 on Tuesday. The stock has a market capitalization of $1.43 billion, a PE ratio of 195.39 and a beta of 0.60. Bandwidth Inc has a 1 year low of $27.75 and a 1 year high of $90.63. The company’s 50-day simple moving average is $73.39 and its 200-day simple moving average is $74.65.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.19. The business had revenue of $56.80 million for the quarter, compared to analysts’ expectations of $55.06 million. Bandwidth had a net margin of 3.14% and a negative return on equity of 4.97%. The business’s quarterly revenue was up 17.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 earnings per share. On average, equities research analysts forecast that Bandwidth Inc will post -0.68 EPS for the current year.

In related news, CFO Jeffrey A. Hoffman sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $85.04, for a total transaction of $850,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Henry R. Kaestner sold 16,685 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $85.45, for a total transaction of $1,425,733.25. The disclosure for this sale can be found here. 15.27% of the stock is currently owned by corporate insiders.

Several brokerages have recently issued reports on BAND. Morgan Stanley cut shares of Bandwidth from an “equal” rating to a “weight” rating and reduced their price target for the stock from $74.00 to $67.00 in a research report on Thursday, September 19th. They noted that the move was a valuation call. ValuEngine cut shares of Bandwidth from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. began coverage on shares of Bandwidth in a research report on Wednesday, July 3rd. They set an “overweight” rating and a $90.00 price target on the stock. Finally, Zacks Investment Research cut shares of Bandwidth from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Bandwidth presently has an average rating of “Buy” and a consensus price target of $77.50.

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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Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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