Bandwidth Inc. (BAND) revealed that it has been selected as a charter member and enhanced cloud peering collaborator for Zoom’s Phone Provider Exchange to help simplify cloud migrations for its customers.
Shares of the global enterprise communications platform and cloud-native carrier declined 1.7% on Wednesday to close at $105.45. (See Bandwidth stock charts on TipRanks)
Bandwidth’s Bring Your Own Carrier (BYOC) solutions will provide greater choice, scale and flexibility, thereby helping customers swiftly migrate to the cloud with Zoom.
The Zoom Phone Strategic Programs Leader, Josh Stanley, said, “Zoom has scaled with Bandwidth as a key network platform from the beginning, and now the global reach and reliability of their software-driven network can help our customers scale in this new program.”
The Chief Customer Officer at Bandwidth, Ryan Henley, said, “As the migration to the cloud accelerates, Bandwidth’s cloud-native network is the choice to provide access to 60+ countries reaching over 90 percent of world GDP.”
He added, “At the same time, Bandwidth’s dynamic location routing technology enables enterprises to meet critical requirements for E911 in the U.S., such as Kari’s Law and RAY BAUM’s Act, and we also support emergency services requirements in other regions of the world.”
Last month, Colliers Securities analyst Catharine Trebnick reiterated a Buy rating on the stock with a price target of $180 (70.7% upside potential).
Consensus among analysts is a Moderate Buy based on 7 Buys and 3 Holds. The average Bandwidth price target of $168.33 implies 60% upside potential to current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on BAND, compared to the sector average of 71%.
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