Bandwidth Inc (BAND) Major Shareholder Carmichael Bandwidth Llc Sells 593,000 Shares of Stock

Bandwidth Inc (NASDAQ:BAND) major shareholder Carmichael Bandwidth Llc sold 593,000 shares of the stock in a transaction on Monday, June 11th. The stock was sold at an average price of $38.50, for a total value of $22,830,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Shares of Bandwidth stock traded up $0.20 during trading on Thursday, reaching $39.37. 1,098 shares of the stock traded hands, compared to its average volume of 115,996. The firm has a market cap of $703.11 million and a price-to-earnings ratio of 80.35. Bandwidth Inc has a 52-week low of $18.05 and a 52-week high of $40.83.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings data on Wednesday, May 2nd. The company reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.02. The firm had revenue of $53.00 million for the quarter, compared to analysts’ expectations of $47.19 million. The company’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 EPS. sell-side analysts forecast that Bandwidth Inc will post -0.14 earnings per share for the current fiscal year.

A number of brokerages have issued reports on BAND. Canaccord Genuity increased their price target on Bandwidth from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 3rd. Morgan Stanley increased their price target on Bandwidth from $28.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 3rd. KeyCorp increased their price target on Bandwidth from $31.00 to $42.00 and gave the stock an “overweight” rating in a research note on Thursday, May 3rd. ValuEngine upgraded Bandwidth from a “sell” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Dougherty & Co set a $40.00 price target on Bandwidth and gave the stock a “buy” rating in a research note on Tuesday, April 24th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $38.00.

Several institutional investors have recently modified their holdings of BAND. BlackRock Inc. purchased a new position in shares of Bandwidth during the fourth quarter valued at about $7,514,000. Bank of New York Mellon Corp purchased a new position in shares of Bandwidth during the fourth quarter valued at about $5,921,000. Penn Capital Management Co. Inc. purchased a new position in shares of Bandwidth during the fourth quarter valued at about $1,830,000. HBK Investments L P purchased a new position in shares of Bandwidth during the fourth quarter valued at about $1,734,000. Finally, Millennium Management LLC purchased a new position in shares of Bandwidth during the fourth quarter valued at about $1,366,000. Hedge funds and other institutional investors own 21.03% of the company’s stock.

About Bandwidth

Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides 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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