Bandwidth Inc (BAND) Position Decreased by Clark Capital Management Group Inc.

Clark Capital Management Group Inc. cut its holdings in shares of Bandwidth Inc (NASDAQ:BAND) by 50.0% during the first quarter, Holdings Channel reports. The fund owned 3,989 shares of the company’s stock after selling 3,988 shares during the quarter. Clark Capital Management Group Inc.’s holdings in Bandwidth were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Wedbush Securities Inc. increased its holdings in shares of Bandwidth by 0.6% during the 1st quarter. Wedbush Securities Inc. now owns 33,760 shares of the company’s stock worth $2,261,000 after acquiring an additional 215 shares during the last quarter. Bender Robert & Associates increased its holdings in shares of Bandwidth by 0.9% during the 1st quarter. Bender Robert & Associates now owns 60,394 shares of the company’s stock worth $4,044,000 after acquiring an additional 510 shares during the last quarter. Bank of America Corp DE increased its holdings 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 acquiring an additional 1,225 shares during the last quarter. Raymond James & Associates boosted its stake in Bandwidth by 14.7% in the 1st quarter. Raymond James & Associates now owns 10,822 shares of the company’s stock valued at $725,000 after purchasing an additional 1,385 shares during the period. Finally, KAMES CAPITAL plc boosted its stake in Bandwidth by 0.6% in the 1st quarter. KAMES CAPITAL plc now owns 222,083 shares of the company’s stock valued at $14,862,000 after purchasing an additional 1,415 shares during the period. 43.13% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently issued reports on BAND. Robert W. Baird boosted their price target on Bandwidth from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Zacks Investment Research downgraded Bandwidth from a “hold” rating to a “sell” rating in a research note on Monday, February 18th. Morgan Stanley boosted their price target on Bandwidth from $48.00 to $74.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. KeyCorp boosted their price target on Bandwidth from $64.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Finally, Canaccord Genuity boosted their price target on Bandwidth from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $76.40.

BAND opened at $77.26 on Thursday. Bandwidth Inc has a 1 year low of $27.75 and a 1 year high of $82.66.

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

In other news, Director John C. Murdock sold 13,290 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $66.00, for a total transaction of $877,140.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey A. Hoffman sold 5,445 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $53.07, for a total value of $288,966.15. The disclosure for this sale can be found here. Insiders sold a total of 332,462 shares of company stock valued at $21,601,976 over the last 90 days. 15.27% of the stock is currently owned by corporate insiders.

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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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