Bandwidth (NASDAQ:BAND – Get Rating) released its quarterly earnings results on Wednesday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03, Fidelity Earnings reports. Bandwidth had a negative net margin of 5.37% and a negative return on equity of 0.97%. During the same quarter in the previous year, the business earned $0.21 earnings per share.
Bandwidth Trading Down 10.7 %
NASDAQ:BAND traded down $1.92 during midday trading on Friday, hitting $16.04. 1,600,635 shares of the company traded hands, compared to its average volume of 606,045. The firm’s fifty day moving average is $18.70 and its 200-day moving average is $29.79. Bandwidth has a 12-month low of $15.00 and a 12-month high of $130.00. The firm has a market capitalization of $405.44 million, a P/E ratio of -14.19 and a beta of 0.83. The company has a current ratio of 4.36, a quick ratio of 4.36 and a debt-to-equity ratio of 2.53.
Analyst Ratings Changes
Several analysts have recently commented on BAND shares. Robert W. Baird cut shares of Bandwidth from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $38.00 to $25.00 in a research note on Monday, May 16th. Needham & Company LLC lowered shares of Bandwidth from a “buy” rating to a “hold” rating in a report on Friday, May 6th. Piper Sandler decreased their price objective on shares of Bandwidth from $40.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, July 13th. Canaccord Genuity Group reduced their target price on shares of Bandwidth from $71.00 to $50.00 in a report on Friday. Finally, Barclays reduced their target price on shares of Bandwidth from $45.00 to $30.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.75.
Insiders Place Their Bets
Hedge Funds Weigh In On Bandwidth
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its holdings in shares of Bandwidth by 27.5% in the 1st quarter. Capital Research Global Investors now owns 2,324,883 shares of the company’s stock valued at $75,303,000 after buying an additional 501,958 shares during the period. Walleye Capital LLC purchased a new position in shares of Bandwidth during the 1st quarter worth approximately $2,000,000. Point72 Hong Kong Ltd purchased a new position in shares of Bandwidth during the 1st quarter worth approximately $237,000. Quantbot Technologies LP purchased a new position in Bandwidth in the 1st quarter valued at approximately $1,003,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Bandwidth during the first quarter worth $282,000.
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.
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