BAND Bandwidth Inc. - Class A Common Stock

NASDAQ · Telecommunication · View on SEC EDGAR ↗
$52.30
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$12–$79
60% of range
Analyst Rating
BUY
11 analysts
Price Target
$67
+29% upside
P/E (TTM)
-35.9
ROE
-3.3%
Net Profit Margin
-1.7%

About Bandwidth Inc. - Class A Common Stock Company overview from Wikipedia

Bandwidth Inc. is an American communications platform as a service (CPaas) company that provides application programming interfaces (APIs) for voice calling, text messaging, and emergency services. The company operates its own global IP voice network and provides communications infrastructure for businesses and software applications.

Read more

Bandwidth Inc. is an American communications platform as a service (CPaas) company that provides application programming interfaces (APIs) for voice calling, text messaging, and emergency services. The company operates its own global IP voice network and provides communications infrastructure for businesses and software applications.

Founded in 1999 by David Morken and headquartered in Raleigh, North Carolina, Bandwith became a publicly traded company on the Nasdaq stock exchange in 2017.

History

Bandwidth was formed in 1999 by David Morken who was later joined by Henry Kaestner as co-founder in 2001, merging Bandwidth International into Bandwidth.com.

In Aug. 2023, Bandwidth moved to a new, purpose-built 40-acre headquarters campus at 2230 Bandmate Way in Raleigh, where the company maintains a workforce of about 1,000 employees as of Aug. 2023.

On November 10, 2017, the company had an initial public offering on the Nasdq which raised $80 million in capital by selling 4 million $20 shares.

On January 11, 2024, Bandwidth terminated its incentive agreement with the state of North Carolina, which required creating over 1,100 local jobs, citing the need for more hiring flexibility outside of Raleigh.

Bandwidth has been noted for its unusual approach of incorporating Christian religion in business, including starting meetings with Christian prayers.

Acquisitions

On October 12, 2020, Bandwidth announced it had signed a definitive agreement to acquire Voxbone for an enterprise value of €446 million EUR.

Partnership

In August 2020, Bandwidth announced it had partnered with NC State University for a study that which ran from February 2019 to January 2020 to study fraudulent traffic patterns associated with robocalling.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

BAND Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$52.30
Market Cap
—
P/E (TTM)
-35.9
EPS (TTM)
$-0.43
Revenue (TTM)
$754M
Div Yield
—
ROE
-3.3%
Debt/Equity
0.6
52W Range
$13 – $79

BAND Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $754M
10-point trend, +395.5%
2016-12-31 → 2025-12-31
EPS $-0.43
10-point trend, -128.5%
2016-12-31 → 2025-12-31
Free Cash Flow —
4-point trend, -180.8%
2017-12-31 → 2020-12-31
Margins -1.7%
9-point trend, -13.4%
2017-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
BAND
Peer Median
P/E (TTM)
5-point trend, +45.4%
-35.9
33.0

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
BAND
Peer Median
Gross Margin
5-point trend, -12.1%
39.1%
41.9%
Operating Margin
5-point trend, -315.2%
-1.9%
—
Net Profit Margin
5-point trend, +69.3%
-1.7%
-7.0%
ROA
5-point trend, +55.0%
-1.3%
-4.8%
ROE
5-point trend, +49.4%
-3.3%
-52.0%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
BAND
Peer Median
Debt / Equity
5-point trend, -47.5%
0.6
—
Current Ratio
5-point trend, -67.8%
1.4
1.6
Quick Ratio
5-point trend, -68.7%
1.3
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
BAND
Peer Median
Revenue YoY
5-point trend, +53.6%
0.71%
—
Revenue CAGR 3Y
5-point trend, +53.6%
9.6%
—
Revenue CAGR 5Y
5-point trend, +53.6%
17.1%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
BAND
Peer Median
EPS (Diluted)
5-point trend, +60.6%
$-0.43
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
BAND
Peer Median

BAND Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 11 analysts
  • Strong Buy 3 27.3%
  • Buy 6 54.5%
  • Hold 2 18.2%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

4 analysts · 2026-08-16
Median target $72.50 +38.6%
Mean target $67.25 +28.6%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.02%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.37 $0.37 -0.00%
March 31, 2026 $0.38 $0.31 0.07%
Dec. 31, 2025 $0.35 $0.38 -0.03%
Sept. 30, 2025 $0.36 $0.39 -0.03%
June 30, 2025 $0.38 $0.34 0.04%
March 31, 2025 $0.36 $0.28 0.08%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
BAND — -35.9 0.71% -1.7% -3.3% 39.1%
ASTS — — 1505.2% -482.2% -19.3% —
GSAT $7.82B -406.9 9.0% -3.2% -2.4% —
LUMN $7.97B -4.4 -5.4% -14.0% 532.6% —
IRDM $1.82B 16.4 4.9% 13.1% 24.4% —
ATEX $722M 7.9 7.8% 1394.2% 36.1% —
LILA — -2.4 -0.10% -13.8% -74.4% —
CCOI $1.08B -5.7 -5.8% -18.7% 2120.8% —
ELWT — -6.3 154.5% -19.6% 608.8% 18.5%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Revenue 11-point trend, +447.0% $754M $748M $601M $573M $491M $343M $233M $204M $163M $152M $138M
Cost of Revenue 11-point trend, +478.9% $459M $469M $365M $335M $277M $189M $125M $108M $89M $85M $79M
Gross Profit 11-point trend, +403.9% $295M $280M $236M $238M $214M $154M $108M $96M $74M $67M $59M
R&D Expense 11-point trend, +1696.8% $133M $119M $104M $98M $70M $55M $31M $21M $11M $9M $7M
SG&A Expense 11-point trend, +117.4% $75M $72M $65M $68M $64M $52M $59M $48M $37M $34M $35M
Operating Expenses 11-point trend, +511.5% $309M $300M $272M $263M $216M $167M $125M $89M $59M $52M $51M
Operating Income 11-point trend, -280.5% $-14M $-20M $-35M $-24M $-2M $-14M $-18M $7M $15M $15M $8M
Interest Income 9-point trend, +300000.00 $300.0K $1M $2M $1M $0 $0 $100.0K $77.0K $0 · ·
Other Non-op 10-point trend, -40.5% $-1M $3M $195.0K $4M $-174.0K $-2M $2M $301.0K $-2M $-908.0K ·
Pretax Income 6-point trend, -492.9% · · · · · $-29M $-15M $7M $13M $14M $7M
Income Tax 11-point trend, -1001.7% $-4M $-2M $-3M $-2M $-4M $15M $-18M $-11M $7M $-11M $408.0K
Net Income 11-point trend, -92.7% $-13M $-7M $-16M $20M $-27M $-44M $2M $18M $6M $22M $-7M
EPS (Basic) 11-point trend, +14.0% $-0.43 $-0.24 $-0.64 $0.77 $-1.09 $-1.83 $0.11 $0.96 $0.42 $1.66 $-0.50
EPS (Diluted) 11-point trend, +8.5% $-0.43 $-0.24 $-0.64 $-0.48 $-1.09 $-1.83 $0.10 $0.85 $0.37 $1.51 $-0.47
Shares (Basic) 11-point trend, +160.9% 29,996,861 27,209,698 25,612,724 25,282,796 25,090,916 24,092,574 22,640,461 18,573,067 12,590,221 11,678,568 11,497,727
Shares (Diluted) 11-point trend, +140.8% 29,996,861 27,209,698 25,612,724 30,907,869 25,090,916 24,092,574 23,923,777 21,140,382 14,543,170 12,870,632 12,456,540
EBITDA 9-point trend, -198.3% $-14M $-20M $-35M $-24M $-2M $-14M $-18M $7M $15M · ·
Balance Sheet 28
Annual Balance Sheet data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, +921.9% $103M $82M $132M $114M $331M $72M $184M $41M $38M $7M $10M
Short-term Investments 8-point trend, +8476000.00 $8M $2M $21M $71M $0 · $0 $17M $0 · ·
Receivables 10-point trend, +442.9% $91M $86M $78M $74M $62M $55M $30M $24M $21M $17M ·
Prepaid Expense 10-point trend, +398.6% $12M $14M $17M $17M $16M $15M $9M $6M $4M $2M ·
Current Assets 10-point trend, +681.2% $219M $188M $253M $280M $413M $194M $227M $92M $65M $28M ·
PP&E (Net) 4-point trend, +272.6% · · · · · · $42M $25M $15M $11M ·
PP&E (Gross) 4-point trend, +112.2% · · · · · · $77M $59M $44M $36M ·
Accum. Depreciation 4-point trend, +40.2% · · · · · · $35M $34M $29M $25M ·
Goodwill 10-point trend, +5095.5% $357M $317M $336M $326M $344M $372M $7M $7M $7M $7M ·
Intangibles 10-point trend, +1535.7% $139M $145M $167M $177M $211M $248M $7M $7M $8M $8M ·
Other Non-current Assets 10-point trend, +667.0% $8M $4M $6M $31M $9M $2M $2M $487.0K $1M $1M ·
Total Assets 10-point trend, +1404.3% $1.05B $989M $1.10B $929M $1.07B $891M $341M $150M $104M $70M ·
Accounts Payable 10-point trend, +808.7% $43M $28M $34M $27M $9M $12M $4M $3M $3M $5M ·
Accrued Liabilities 10-point trend, +522.2% $91M $102M $69M $63M $66M $63M $27M $21M $16M $15M ·
Current Liabilities 10-point trend, +405.6% $154M $140M $123M $114M $93M $92M $46M $33M $25M $30M ·
Capital Leases 8-point trend, +221019000.00 $221M $219M $221M $5M $11M $17M $20M · $0 · ·
Deferred Tax 7-point trend, +24479000.00 $24M $27M $33M $38M $48M $61M $0 · · · ·
Other Non-current Liabilities 9-point trend, -8.9% $555.0K $576.0K $386.0K $11M $6M $2M $0 · $716.0K $609.0K ·
Total Liabilities 10-point trend, +825.4% $653M $677M $804M $657M $653M $461M $71M $42M $28M $71M ·
Long-term Debt · · · · · $282M · · · · ·
Total Debt 6-point trend, -12.3% $248M $281M $419M $481M $486M $282M · · · · ·
Common Stock 7-point trend, +108.3% · · · $25.0K $25.0K $24.0K $24.0K $19.0K $19.0K $12.0K ·
Paid-in Capital 10-point trend, +5092.8% $486M $436M $391M $365M $502M $451M $276M $117M $102M $9M ·
Retained Earnings 10-point trend, -165.7% $-84M $-71M $-65M $-49M $-77M $-50M $-6M $-8M $-26M $-32M ·
Treasury Stock $0 · · · · · · · · · ·
AOCI 9-point trend, -1568000.00 $-2M $-52M $-29M $-44M $-13M $28M $41.0K $-1.0K $0 · ·
Stockholders' Equity 11-point trend, +2197.0% $400M $313M $297M $272M $413M $430M $270M $109M $77M $-22M $-19M
Liabilities + Equity 10-point trend, +1404.3% $1.05B $989M $1.10B $929M $1.07B $891M $341M $150M $104M $70M ·
Cash Flow 12
Annual Cash Flow data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Stock-based Comp 11-point trend, +1398.2% $52M $48M $37M $21M $15M $10M $7M $3M $2M $1M $3M
Deferred Tax 11-point trend, -1777.0% $-5M $-5M $-7M $-7M $-8M $14M $-18M $-11M $6M $-11M $304.0K
Amort. of Intangibles 11-point trend, +1892.7% $18M $18M $17M $17M $19M $4M $520.0K $554.0K $839.0K $891.0K $908.0K
Operating Cash Flow 11-point trend, +2449.5% $89M $84M $39M $35M $41M $5M $-1M $25M $15M $5M $-4M
CapEx 6-point trend, +486.9% · · · · · $12M $22M $12M $5M $4M $2M
Investing Cash Flow 11-point trend, -555.1% $-39M $-1M $31M $-133M $3M $-455M $-8M $-32M $-8M $-7M $-6M
Stock Issued 7-point trend, -100.0% · · · · $0 $0 $147M $0 $0 $974.0K $129.0K
Net Stock Activity 5-point trend, -100.0% · · · · $0 $0 $147M $11M $174.0K · ·
Financing Cash Flow 10-point trend, -1797.4% $-29M $-131M $-53M $-120M $207M $347M $152M $11M $24M $-2M ·
Net Change in Cash 11-point trend, +1551.6% $21M $-50M $18M $-218M $251M $-104M $144M $4M $31M $-4M $1M
Taxes Paid 10-point trend, -1016.7% $-55.0K $4M $7M $4M $2M $454.0K $-178.0K $155.0K $855.0K $6.0K ·
Free Cash Flow 4-point trend, -180.8% · · · · · $-8M $-23M $12M $10M · ·
Profitability 8
Annual Profitability data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Gross Margin 9-point trend, -13.4% 39.1% 37.4% 39.3% 41.6% 44.5% 46.0% 46.3% 47.0% 45.2% · ·
Operating Margin 9-point trend, -121.3% -1.9% -2.7% -5.9% -4.2% -0.46% -3.9% -7.6% 3.3% 9.0% · ·
Net Margin 9-point trend, -146.7% -1.7% -0.87% -2.7% 3.4% -5.6% -12.8% 1.1% 8.8% 3.7% · ·
Pretax Margin 4-point trend, -206.7% · · · · · -8.4% -6.6% 3.5% 7.9% · ·
EBITDA Margin 9-point trend, -121.3% -1.9% -2.7% -5.9% -4.2% -0.46% -3.9% -7.6% 3.3% 9.0% · ·
ROA 9-point trend, -118.4% -1.3% -0.62% -1.6% 2.0% -2.8% -7.1% 1.0% 14.1% 6.8% · ·
ROE 9-point trend, -115.0% -3.3% -2.0% -5.7% 8.4% -6.5% -11.8% 0.92% 16.5% 22.0% · ·
ROIC 4-point trend, -132.6% · · · · · -2.9% 1.1% 15.8% 8.8% · ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 9-point trend, -46.6% 1.4 1.3 2.1 2.5 4.4 2.1 5.0 2.8 2.7 · ·
Quick Ratio 9-point trend, -45.2% 1.3 1.2 1.9 2.3 4.2 1.4 4.7 2.5 2.4 · ·
Debt / Equity 6-point trend, -5.7% 0.6 0.9 1.4 1.8 1.2 0.7 · · · · ·
LT Debt / Equity 6-point trend, -5.7% 0.6 0.9 1.4 1.8 1.2 0.7 · · · · ·
Efficiency 2
Annual Efficiency data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 9-point trend, -60.5% 0.7 0.7 0.6 0.6 0.5 0.6 0.9 1.6 1.9 · ·
Receivables Turnover 9-point trend, -1.0% 8.5 9.1 7.9 8.4 8.4 8.0 8.6 9.0 8.6 · ·
Per Share 4
Annual Per Share data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Revenue / Share 9-point trend, +124.3% $25.13 $27.51 $23.47 $18.54 $19.57 $14.24 $9.72 $9.66 $11.20 · ·
Cash Flow / Share 9-point trend, +196.7% $2.98 $3.08 $1.52 $1.13 $1.63 $0.19 $-0.05 $1.17 $1.01 · ·
Dividend / Share Flat — no change across 9 periods $0 $0 $0 $0 $0 $0 $0 $0 $0 · ·
EPS (TTM) 9-point trend, -216.2% $-0.43 $-0.24 $-0.64 $-0.48 $-1.09 $-1.83 $0.10 $0.85 $0.37 · ·
Growth Rates 3
Annual Growth Rates data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -98.4% 0.71% 24.5% 4.9% 16.8% 43.1% · · · · · ·
Revenue CAGR 3Y 3-point trend, -53.5% 9.6% 15.1% 20.5% · · · · · · · ·
Revenue CAGR 5Y 17.1% · · · · · · · · · ·
Valuation (TTM) 4
Annual Valuation (TTM) data for BAND
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 9-point trend, +362.6% $754M $748M $601M $573M $491M $343M $233M $204M $163M · ·
Net Income TTM 9-point trend, -316.2% $-13M $-7M $-16M $20M $-27M $-44M $2M $18M $6M · ·
P/E 9-point trend, -157.5% -35.9 -70.9 -22.6 -47.8 -65.8 -84.0 640.5 47.9 62.5 · ·
Earnings Yield 9-point trend, -273.8% -2.8% -1.4% -4.4% -2.1% -1.5% -1.2% 0.16% 2.1% 1.6% · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $754M$748M$601M$573M$491M
Gross Margin % 39.1%37.4%39.3%41.6%44.5%
Operating Margin % -1.9%-2.7%-5.9%-4.2%-0.46%
Net Income $-13M$-7M$-16M$20M$-27M
Diluted EPS $-0.43$-0.24$-0.64$-0.48$-1.09
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.60.91.41.81.2
Current Ratio 1.41.32.12.54.4
Quick Ratio 1.31.21.92.34.2

Latest News Recent headlines mentioning this company

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Institutional owners (13F) 261 filers · $1.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
120 (+96 vs prior Q) 21 (-3 vs prior Q) 62 (+4 vs prior Q) 50 (+4 vs prior Q) +7.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Hood River Capital Management LLC $145,331,989 2,295,924 10.17% Shares
Driehaus Capital Management LLC $87,917,307 1,388,899 6.15% Shares
VANGUARD CAPITAL MANAGEMENT LLC $81,318,851 1,284,658 5.69% Shares
STATE STREET CORP $59,554,919 940,836 4.17% Shares
DIMENSIONAL FUND ADVISORS LP $57,011,968 900,663 3.99% Shares
TWO SIGMA INVESTMENTS, LP $52,217,626 824,923 3.65% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $50,268,429 794,130 3.52% Shares
CYPRESS POINT INVESTMENT MANAGEMENT LP $49,094,277 775,581 3.43% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $41,747,363 659,516 2.92% Shares
GEODE CAPITAL MANAGEMENT, LLC $41,623,573 657,386 2.91% Shares
RENAISSANCE TECHNOLOGIES LLC $40,765,200 644,000 2.85% Shares
FMR LLC $34,443,746 544,135 2.41% Shares
WELLINGTON MANAGEMENT GROUP LLP $33,839,674 534,592 2.37% Shares
AMERIPRISE FINANCIAL INC $31,304,318 494,539 2.19% Shares
Connor, Clark & Lunn Investment Management Ltd. $30,796,906 486,523 2.15% Shares
UBS Group AG $27,558,288 435,360 1.93% Call option
Portolan Capital Management, LLC $26,123,973 412,701 1.83% Shares
G2 Investment Partners Management LLC $23,227,175 366,938 1.63% Shares
JANE STREET GROUP, LLC $22,050,238 348,345 1.54% Shares
Archon Capital Management LLC $19,714,342 311,443 1.38% Shares
CITADEL ADVISORS LLC $18,393,841 290,582 1.29% Shares
Assenagon Asset Management S.A. $16,686,323 263,607 1.17% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $15,784,298 249,357 1.10% Shares
JENNISON ASSOCIATES LLC $15,228,776 240,581 1.07% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $14,937,154 235,974 1.05% Shares
Dana Investment Advisors, Inc. $14,619,008 230,948 1.02% Shares
PANAGORA ASSET MANAGEMENT INC $14,611,033 230,822 1.02% Shares
VANGUARD FIDUCIARY TRUST CO $13,468,025 212,765 0.94% Shares
Parcion Private Wealth LLC $11,912,744 188,195 0.83% Shares
Point72 Asset Management, L.P. $11,854,824 187,280 0.83% Shares
Empowered Funds, LLC $10,189,654 160,974 0.71% Shares
Trexquant Investment LP $10,052,040 158,800 0.70% Shares
BNP PARIBAS FINANCIAL MARKETS $9,661,859 152,636 0.68% Shares
CITIGROUP INC $9,587,355 151,459 0.67% Shares
Pier Capital, LLC $8,885,168 140,366 0.62% Shares
GOLDMAN SACHS GROUP INC $8,854,657 139,884 0.62% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $8,431,560 133,200 0.59% Call option
HERALD INVESTMENT MANAGEMENT Ltd $7,843,000 124,000 0.55% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $7,245,825 114,468 0.51% Shares
ROYCE & ASSOCIATES LP $6,679,669 105,524 0.47% Shares
MARSHALL WACE, LLP $6,649,855 105,053 0.47% Shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC $6,330,000 100,000 0.44% Call option
Ma Investment Partnership, LP $6,330,000 100,000 0.44% Shares
Blue Trust, Inc. $6,187,069 97,742 0.43% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $5,752,134 90,871 0.40% Shares
BOOTHBAY FUND MANAGEMENT, LLC $5,638,068 89,069 0.39% Shares
Divisadero Street Capital Management, LP $5,447,915 86,065 0.38% Shares
PEAK6 LLC $5,260,230 83,100 0.37% Call option
ANTIPODES PARTNERS Ltd $5,225,478 82,551 0.37% Shares
JANE STREET GROUP, LLC $5,196,930 82,100 0.36% Call option
CITADEL ADVISORS LLC $5,127,300 81,000 0.36% Call option
MILLENNIUM MANAGEMENT LLC $4,998,231 78,961 0.35% Shares
Quantinno Capital Management LP $4,915,815 77,659 0.34% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $4,568,994 72,180 0.32% Shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC $4,557,600 72,000 0.32% Shares
ALGERT GLOBAL LLC $4,493,161 70,982 0.31% Shares
CASTLEARK MANAGEMENT LLC $4,360,104 68,880 0.31% Shares
Decker Retirement Planning Inc. $4,126,717 65,193 0.29% Shares
Aquatic Capital Management LLC $4,092,978 64,660 0.29% Shares
MERCER GLOBAL ADVISORS INC /ADV $4,040,629 63,833 0.28% Shares
Robeco Institutional Asset Management B.V. $3,673,995 58,041 0.26% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $3,487,830 55,100 0.24% Put option
Bank of New York Mellon Corp $3,355,786 53,014 0.23% Shares
TUDOR INVESTMENT CORP ET AL $3,274,003 51,722 0.23% Shares
AMERICAN CENTURY COMPANIES INC $3,257,165 51,456 0.23% Shares
FORA Capital, LLC $3,197,216 50,493 0.22% Shares
PRINCIPAL FINANCIAL GROUP INC $3,186,332 50,337 0.22% Shares
GLOBEFLEX CAPITAL L P $2,865,464 45,268 0.20% Shares
SIMPLEX TRADING, LLC $2,839,638 44,860 0.20% Shares
Jefferies Financial Group Inc. $2,684,870 42,415 0.19% Shares
Informed Momentum Co LLC $2,636,065 41,644 0.18% Shares
BANK OF AMERICA CORP /DE/ $2,634,863 41,625 0.18% Shares
NEUBERGER BERMAN GROUP LLC $2,566,435 40,544 0.18% Shares
Sone Capital Management, LLC $2,538,583 40,104 0.18% Shares
IEQ CAPITAL, LLC $2,431,796 38,417 0.17% Shares
RHUMBLINE ADVISERS $2,399,124 37,901 0.17% Shares
Point72 Asset Management, L.P. $2,361,090 37,300 0.17% Call option
Engineers Gate Manager LP $2,218,222 35,043 0.16% Shares
Quadrature Capital Ltd $2,122,955 33,538 0.15% Shares
SEGALL BRYANT & HAMILL, LLC $2,111,372 33,355 0.15% Shares
NANO CAP NEW MILLENNIUM GROWTH FUND L P $2,057,250 32,500 0.14% Shares
MORGAN STANLEY $2,034,842 32,146 0.14% Shares
ALLIANCEBERNSTEIN L.P. $2,013,874 113,012 0.14% Shares
Nuveen, LLC $1,935,714 30,580 0.14% Shares
BlackRock, Inc. $1,929,637 30,484 0.14% Shares
MBL Wealth, LLC $1,842,853 29,113 0.13% Shares
EFG International AG $1,712,736 27,066 0.12% Shares
Point72 Asset Management, L.P. $1,702,770 26,900 0.12% Put option
D. E. Shaw & Co., Inc. $1,698,086 26,826 0.12% Shares
CITADEL ADVISORS LLC $1,633,140 25,800 0.11% Put option
Quantedge Capital Pte Ltd $1,626,810 25,700 0.11% Shares
Palogic Value Management, L.P. $1,425,516 22,520 0.10% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $1,415,778 18,757 0.10% Shares
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. $1,311,323 20,716 0.09% Shares
Susquehanna Portfolio Strategies, LLC $1,301,891 20,567 0.09% Shares
Vanguard Global Advisers, LLC $1,190,420 18,806 0.08% Shares
VOYA INVESTMENT MANAGEMENT LLC $1,174,658 18,557 0.08% Shares
TWO SIGMA ADVISERS, LP $1,174,200 76,000 0.08% Shares
BANK OF NOVA SCOTIA $1,159,592 18,319 0.08% Shares
JPMORGAN CHASE & CO $1,149,299 18,875 0.08% Shares

Company insiders 17 insiders · 10 officers · 6 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
David A. Morken Chairman & CEO June 3, 2026 G 0 0 1 $-154,387
Daryl E Raiford Chief Financial Officer June 2, 2026 S 28,605 0 42 $-4,546,700
Jeffrey A. Hoffman Chief Financial Officer Sept. 30, 2019 M 5,907 0 0 $0
Devin M Krupka Controller, PAO June 12, 2026 S 11,958 0 5 $-983,150
Richard Brandon Asbill General Counsel June 5, 2026 S 3,000 0 2 $-938,169
Kade Ross Chief Information Officer June 2, 2026 S 43,996 0 2 $-205,597
Rebecca Bottorff Chief People Officer May 28, 2026 M 5,620 0 1 $-72,553
Scott Mullen Chief Technology Officer Dec. 29, 2020 M 32,836 0 0 $0
Christopher W. Matton General Counsel Sept. 30, 2019 M 4,636 0 0 $0
Gabriela Gonzalez Sr. Vp Finance, Controller Sept. 30, 2019 M 4,611 0 0 $0
Douglas A Suriano Director Aug. 17, 2026 S 42,077 0 2 $-212,346
Lukas M. Roush Director May 28, 2026 M 59,936 0 0 $0
Brian D. Bailey Director May 28, 2026 M 72,089 0 0 $0
John C. Murdock Director Nov. 23, 2020 S 116,965 0 0 $0
Henry R. Kaestner 10% owner Aug. 20, 2019 S 11,160 0 0 $0
Susan Bowen 10% owner May 9, 2018 C 976,287 0 0 $0
Devesh Agarwal — Aug. 8, 2026 M 72,776 0 2 $-295,612

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 40 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IWC · iShares Trust 0.30% 100,680 SH Aug. 8, 2026 Daily
AFSM · First Trust Exchange-Traded Fund VI… 0.27% 4,023 NS May 31, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.24% 37,110 NS May 31, 2026 N-PORT
VFMO · VANGUARD WELLINGTON FUND 0.16% 51,541 SH Aug. 8, 2026 Daily
HAPS · Harbor ETF Trust 0.14% 5,944 NS April 30, 2026 N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS 0.11% 31,813 SH Aug. 8, 2026 Daily
VOX · VANGUARD WORLD FUND 0.11% 102,710 SH Aug. 8, 2026 Daily
TMFX · RBB Fund, Inc. 0.10% 501 NS May 31, 2026 N-PORT
IWO · iShares Trust 0.08% 269,375 SH Aug. 8, 2026 Daily
DFSV · Dimensional ETF Trust 0.07% 143,806 NS April 30, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.06% 170,871 SH Aug. 8, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.06% 32,878 SH Aug. 8, 2026 Daily
DFAT · Dimensional ETF Trust 0.05% 187,987 NS April 30, 2026 N-PORT
ITWO · ProShares Trust 0.05% 1,301 NS May 31, 2026 N-PORT
IWM · iShares Trust 0.04% 758,158 SH Aug. 8, 2026 Daily
ISCG · iShares Trust 0.04% 9,325 SH Aug. 8, 2026 Daily
AVSC · AMERICAN CENTURY ETF TRUST 0.04% 17,474 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.04% 137,756 NS May 31, 2026 N-PORT
RSSL · Global X Funds 0.03% 11,997 NS April 30, 2026 N-PORT
SMLF · iShares Trust 0.03% 25,356 SH Aug. 8, 2026 Daily
UWM · ProShares Trust 0.03% 1,018 NS May 31, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.03% 95,277 NS April 30, 2026 N-PORT
ISCB · iShares Trust 0.02% 1,306 SH Aug. 8, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.02% 344,719 SH Aug. 8, 2026 Daily
URTY · ProShares Trust 0.02% 1,030 NS May 31, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.01% 941 NS May 31, 2026 N-PORT
HDG · ProShares Trust 0.01% 26 NS May 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.00% 57,697 NS April 30, 2026 N-PORT
EBI · RBB Fund Trust 0.00% 309 NS May 31, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.00% 1,500 NS April 30, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 2,117 NS April 30, 2026 N-PORT
SCHB · SCHWAB STRATEGIC TRUST 0.00% 16,880 NS May 31, 2026 N-PORT
IWV · iShares Trust 0.00% 8,654 SH Aug. 8, 2026 Daily
ITOT · iShares Trust 0.00% 39,354 SH Aug. 8, 2026 Daily
DFAU · Dimensional ETF Trust 0.00% 4,523 NS April 30, 2026 N-PORT
DXUV · Dimensional ETF Trust 0.00% 20 NS April 30, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 911,038 SH Aug. 8, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 2,312 SH Aug. 8, 2026 Daily
DFUS · Dimensional ETF Trust 0.00% 118 NS April 30, 2026 N-PORT
DFUV · Dimensional ETF Trust 0.00% 72 NS April 30, 2026 N-PORT