After Needham and JMP Securities gave Bandwidth (NASDAQ: BAND) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst Michael Walkley initiated coverage with a Buy rating on Bandwidth today and set a price target of $130.00. The company’s shares closed last Thursday at $104.71.
According to TipRanks.com, Walkley is a top 100 analyst with an average return of 18.1% and a 64.0% success rate. Walkley covers the Technology sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Sequans Communications S A, and Synchronoss Technologies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Bandwidth with a $106.50 average price target, representing a 1.0% upside. In a report issued on May 15, KeyBanc also maintained a Buy rating on the stock with a $120.00 price target.
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Based on Bandwidth’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $68.52 million and GAAP net loss of $1.06 million. In comparison, last year the company earned revenue of $53.32 million and had a net profit of $1.99 million.
Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BAND in relation to earlier this year.
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Bandwidth, Inc. provides cloud-based 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. The CPaaS segment includes software-powered communication platform such as, voice calling and messaging services. The Other Segment provides legacy services. The company was founded by Henry Kaestner and David Morken in 1999 and is headquartered in Raleigh, NC.
