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

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

Bandwidth Price Performance

Shares of Bandwidth stock traded down $0.76 during trading hours on Friday, reaching $15.21. The company’s stock had a trading volume of 606,833 shares, compared to its average volume of 389,351. The firm has a 50 day moving average price of $18.75 and a 200-day moving average price of $17.87. Bandwidth has a one year low of $9.34 and a one year high of $25.02. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.36 and a quick ratio of 2.36. The stock has a market cap of $410.82 million, a P/E ratio of -13.58 and a beta of 1.48.

Analysts Set New Price Targets

BAND has been the subject of a number of recent analyst reports. Canaccord Genuity Group increased their price target on Bandwidth from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday. Barclays dropped their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley cut shares of Bandwidth from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $18.00 to $15.00 in a research report on Friday, June 14th. Finally, JMP Securities lifted their target price on shares of Bandwidth from $32.00 to $36.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $25.71.

Insider Activity at Bandwidth

In other Bandwidth news, insider Devin M. Krupka sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $21.61, for a total transaction of $54,025.00. Following the transaction, the insider now owns 7,262 shares in the company, valued at approximately $156,931.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Devin M. Krupka sold 2,500 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $21.61, for a total value of $54,025.00. Following the sale, the insider now owns 7,262 shares in the company, valued at $156,931.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lukas M. Roush acquired 4,963 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was acquired at an average price of $16.12 per share, for a total transaction of $80,003.56. Following the purchase, the director now directly owns 43,167 shares of the company’s stock, valued at $695,852.04. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 32,973 shares of company stock worth $664,643. Insiders own 6.20% of the company’s stock.

About Bandwidth

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.