Jennison Associates LLC Raises Stock Position in Bandwidth Inc (NASDAQ:BAND)

Jennison Associates LLC raised its position in Bandwidth Inc (NASDAQ:BAND) by 57.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 401,501 shares of the company’s stock after purchasing an additional 146,142 shares during the quarter. Jennison Associates LLC owned 1.79% of Bandwidth worth $26,885,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of BAND. JPMorgan Chase & Co. boosted its position in Bandwidth by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 33,302 shares of the company’s stock valued at $1,784,000 after acquiring an additional 5,266 shares in the last quarter. Morgan Stanley raised its stake in shares of Bandwidth by 124.3% during the 3rd quarter. Morgan Stanley now owns 94,812 shares of the company’s stock valued at $5,079,000 after buying an additional 52,542 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Bandwidth by 101.4% during the 3rd quarter. Vanguard Group Inc. now owns 343,435 shares of the company’s stock valued at $18,398,000 after buying an additional 172,903 shares during the last quarter. Monarch Partners Asset Management LLC raised its stake in shares of Bandwidth by 20.2% during the 4th quarter. Monarch Partners Asset Management LLC now owns 18,453 shares of the company’s stock valued at $752,000 after buying an additional 3,098 shares during the last quarter. Finally, LPL Financial LLC increased its stake in shares of Bandwidth by 5.5% in the 4th quarter. LPL Financial LLC now owns 40,940 shares of the company’s stock valued at $1,668,000 after purchasing an additional 2,149 shares in the last quarter. 54.66% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ BAND traded up $0.11 during trading hours on Monday, hitting $75.13. 300,200 shares of the stock were exchanged, compared to its average volume of 232,040. The company has a market cap of $1.73 billion, a P/E ratio of 242.35 and a beta of 0.78. Bandwidth Inc has a 12-month low of $27.75 and a 12-month high of $82.66. The stock has a 50-day moving average of $74.95.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.13. Bandwidth had a net margin of 6.71% and a negative return on equity of 2.45%. The firm had revenue of $53.30 million during the quarter, compared to analysts’ expectations of $51.35 million. During the same period in the prior year, the company posted $0.11 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities research analysts forecast that Bandwidth Inc will post -0.7 earnings per share for the current year.

In other Bandwidth news, Director Brian D. Bailey sold 20,000 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $66.14, for a total value of $1,322,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Henry R. Kaestner sold 50,000 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $75.47, for a total transaction of $3,773,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 369,579 shares of company stock valued at $26,884,194. 15.27% of the stock is currently owned by corporate insiders.

Several brokerages have recently weighed in on BAND. Zacks Investment Research upgraded Bandwidth from a “sell” rating to a “hold” rating in a report on Thursday, March 7th. KeyCorp boosted their target price on shares of Bandwidth from $64.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, March 25th. Canaccord Genuity upped 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 target price on shares of Bandwidth from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, Morgan Stanley increased their target price on shares of Bandwidth from $48.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $76.40.

Bandwidth Profile

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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