Bandwidth (NASDAQ:BAND) Releases Earnings Results, Beats Estimates By $0.11 EPS

Bandwidth (NASDAQ:BAND) released its quarterly earnings data on Thursday. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.11, Briefing.com reports. Bandwidth had a negative return on equity of 1.89% and a negative net margin of 3.21%. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. During the same period last year, the firm posted $0.03 earnings per share. Bandwidth’s revenue was up 27.6% compared to the same quarter last year. Bandwidth updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Bandwidth Stock Down 4.1 %

Shares of NASDAQ:BAND traded down $0.80 during mid-day trading on Friday, hitting $18.70. 434,547 shares of the company traded hands, compared to its average volume of 313,033. The stock has a 50-day moving average price of $17.50 and a two-hundred day moving average price of $18.29. The stock has a market cap of $510.47 million, a P/E ratio of -20.11 and a beta of 1.51. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. Bandwidth has a 12-month low of $10.22 and a 12-month high of $25.02.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BAND shares. JMP Securities restated a “market outperform” rating and issued a $36.00 price target on shares of Bandwidth in a research note on Tuesday, August 27th. Barclays dropped their price objective on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Robert W. Baird boosted their target price on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday. One equities 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.14.

Insiders Place Their Bets

In other news, CFO Daryl Raiford sold 4,350 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $16.97, for a total transaction of $73,819.50. Following the completion of the transaction, the chief financial officer now directly owns 71,546 shares of the company’s stock, valued at $1,214,135.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 8,525 shares of company stock valued at $146,548. Corporate 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.