BAND Form 4: CFO Daryl Raiford Reports Multiple September 2025 Sales
Rhea-AI Filing Summary
Bandwidth Inc. (BAND) insider sale disclosure: The company's Chief Financial Officer, Daryl Raiford, reported multiple sales of Class A common stock in early September 2025. On 09/05/2025 he sold 19,000 shares at a weighted average price of $15.5046, on 09/08/2025 he sold 5,000 shares at a weighted average $15.7068 and 1,625 shares via an IRA at $15.70, and on 09/09/2025 he sold 14,143 shares at a weighted average $15.469. Following these transactions, the filing reports 90,395 shares beneficially owned by the reporting person.
The disclosure is a Section 16 Form 4 reporting routine insider dispositions by an officer; the filer includes footnotes stating the reported prices are weighted averages across multiple trades and offers to provide detailed breakdowns on request.
Positive
- None.
Negative
- CFO sold 39,768 shares across 09/05/2025–09/09/2025, reducing reported beneficial ownership to 90,395 shares
- Sales were not reported as 10b5-1 plan transactions on the form, so no affirmative defense is indicated in this filing
Insights
TL;DR: CFO executed multiple small-to-moderate open-market sales totaling 39,768 shares, reducing his reported holdings to 90,395 shares.
The transactions are reported as open-market sales across three dates with weighted-average prices provided in footnotes. The form identifies the reporting person as the Chief Financial Officer and shows disposition of both direct and IRA-held shares. There is no indication in the filing of derivative transactions, option exercises, or plan-based sales under Rule 10b5-1. For investors, the filing is a clear record of insider selling activity but does not, by itself, disclose reasons for the sales or any change in access to material nonpublic information.
TL;DR: Multiple small sales by an officer were properly reported with weighted-average pricing and signed by an attorney-in-fact.
The Form 4 includes explanatory footnotes about weighted-average prices and a signature by an authorized attorney-in-fact, indicating procedural compliance. The filing does not state these sales were pursuant to a Rule 10b5-1 plan and the form does not check the contractual plan box. From a governance perspective, the disclosure is complete for the transactions shown but provides no context on whether the sales were for diversification, tax, or personal reasons.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 14,143 | $15.469 | $219K |
| Sale | Class A Common Stock | 5,000 | $15.7068 | $79K |
| Sale | Class A Common Stock | 1,625 | $15.70 | $26K |
| Sale | Class A Common Stock | 19,000 | $15.5046 | $295K |
Footnotes (1)
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $15.5042 to $15.5050. The Reporting Person undertakes to provide Bandwidth Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $15.70 to $15.72. The Reporting Person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $15.40 to $15.51. The Reporting Person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
