Bandwidth (NASDAQ:BAND) Releases Earnings Results, Beats Expectations By $0.01 EPS

Bandwidth (NASDAQ:BAND) posted its quarterly earnings results on Thursday. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01, Briefing.com reports. Bandwidth had a negative return on equity of 1.92% and a negative net margin of 3.21%. The firm had revenue of $174.00 million for the quarter, compared to the consensus estimate of $173.18 million. During the same period in the previous year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. Bandwidth updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Bandwidth Price Performance

Shares of NASDAQ BAND traded down $0.76 during trading on Friday, reaching $15.21. The company had a trading volume of 606,833 shares, compared to its average volume of 389,351. Bandwidth has a twelve month low of $9.34 and a twelve month high of $25.02. The stock has a market capitalization of $410.82 million, a PE ratio of -13.58 and a beta of 1.48. The stock has a 50-day moving average price of $18.75 and a two-hundred day moving average price of $17.87. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 1.41.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BAND shares. Robert W. Baird decreased their price target on Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday. KeyCorp lifted their price target on Bandwidth from $21.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Barclays decreased their price target on Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday. Canaccord Genuity Group boosted their target price on Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, JMP Securities boosted their target price on Bandwidth from $32.00 to $36.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.71.

Insider Transactions at Bandwidth

In other news, CFO Daryl Raiford sold 1,769 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total value of $39,307.18. Following the completion of the transaction, the chief financial officer now directly owns 63,397 shares of the company’s stock, valued at $1,408,681.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Bandwidth news, Director Lukas M. Roush bought 4,963 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $16.12 per share, for a total transaction of $80,003.56. Following the completion of the purchase, the director now owns 43,167 shares of the company’s stock, valued at approximately $695,852.04. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daryl Raiford sold 1,769 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total value of $39,307.18. Following the completion of the transaction, the chief financial officer now owns 63,397 shares of the company’s stock, valued at $1,408,681.34. The disclosure for this sale can be found here. Insiders sold a total of 32,973 shares of company stock valued at $664,643 over the last three months. 6.20% of the stock is currently owned by insiders.

Bandwidth Company Profile

Bandwidth is a leading enterprise cloud communications company. Companies like Cisco, Google, Microsoft, RingCentral, Uber, and Zoom use Bandwidth’s APIs to easily embed voice, messaging, and emergency services into software and applications. Bandwidth is the first and only CPaaS provider offering a robust selection of communications APIs built around their own IP voice network.