November 10, 2019 at 2:32 pm

State of New Jersey Common Pension Fund D Takes Position in Bandwidth Inc (NASDAQ:BAND)

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State of New Jersey Common Pension Fund D acquired a new stake in Bandwidth Inc (NASDAQ:BAND) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 29,500 shares of the company’s stock, valued at approximately $1,921,000.

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Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAND. US Bancorp DE lifted its stake in shares of Bandwidth by 66.8% in the 2nd quarter. US Bancorp DE now owns 502 shares of the company’s stock valued at $37,000 after purchasing an additional 201 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Bandwidth by 118.3% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 738 shares of the company’s stock valued at $55,000 after purchasing an additional 400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Bandwidth in the 2nd quarter valued at about $66,000. Bank of Montreal Can acquired a new position in shares of Bandwidth in the 2nd quarter valued at about $103,000. Finally, SG Americas Securities LLC acquired a new position in shares of Bandwidth in the 2nd quarter valued at about $300,000. 65.33% of the stock is currently owned by institutional investors and hedge funds.

In related news, major shareholder Henry R. Kaestner sold 16,685 shares of the company’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 15.27% of the stock is owned by corporate insiders.

Several research firms have recently weighed in on BAND. Morgan Stanley lowered Bandwidth from an “underweight” rating to an “equal” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. reduced their price target on Bandwidth from $90.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, ValuEngine raised Bandwidth from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $71.67.

Bandwidth stock opened at $48.36 on Friday. The firm has a market capitalization of $1.27 billion, a PE ratio of 156.00 and a beta of 0.53. The stock’s 50 day moving average price is $61.37 and its 200 day moving average price is $73.24. Bandwidth Inc has a one year low of $27.75 and a one year high of $90.63.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.09. The firm had revenue of $60.50 million during the quarter, compared to the consensus estimate of $58.78 million. Bandwidth had a negative return on equity of 4.97% and a net margin of 3.14%. The firm’s revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.05) EPS. On average, sell-side analysts anticipate that Bandwidth Inc will post -0.68 earnings per share for the current year.

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.

Further Reading: What does an outperform rating mean?

Want to see what other hedge funds are holding BAND? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bandwidth Inc (NASDAQ:BAND).

Institutional Ownership by Quarter for Bandwidth (NASDAQ:BAND)

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