Bandwidth Inc. General Counsel Richard Brandon Asbill sold 29,214 shares of common stock in open-market transactions valued at approximately $2.1 million, according to an SEC filing. The sale reduced his direct holdings by 90.69%, leaving him with just 3,000 shares directly held after the transaction. The disposal occurred as Bandwidth shares surged following a strong first-quarter earnings report that showed record revenue of $209 million and a raised full-year outlook to between $880 million and $900 million. The stock hit a multi-year high of $75.98 on June 8, days after Asbill's sale, though the price has since declined.
Bandwidth IncInsider sale of 90% of direct holdings by general counsel, but occurred after strong earnings and raised outlook; mixed signal.