In a report released yesterday, Brent Bracelin from KeyBanc maintained a Buy rating on Bandwidth Inc (BAND), with a price target of $64. The company’s shares closed yesterday at $48.14.
Bracelin observed:
“We would continue to Overweight BAND as a differentiated voice API leader (>90% of sales) on our broader “APIs go ubiquitous” theme and favorable risk/reward.”
According to TipRanks.com, Bracelin is a top 100 analyst with an average return of 18.3% and a 68.7% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Bandwidth Inc with a $57.75 average price target, a 20.0% upside from current levels. In a report issued on October 31, Canaccord Genuity also reiterated a Buy rating on the stock with a $60 price target.
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Based on Bandwidth Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $2.51 million. In comparison, last year the company had a net profit of $1.42 million.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BAND in relation to earlier this year.
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Bandwidth, Inc. provides business communications services. It offers data Internet, voice/voice over Internet protocol, messaging. managed network, and conferencing services. The firm serves the telecom needs of small and medium businesses. It operates through the following business segments: CPaaS and Other.
