Bandwidth's chief people officer sells shares worth $12,255

Rebecca Bottorff, Chief People Officer at Bandwidth Inc. (NASDAQ:BAND), a cloud communications company with a market capitalization of $479.5 million, recently sold shares of the company, according to the latest SEC filings. On January 3 and January 6, Bottorff sold a total of 709 shares of Bandwidth's Class A Common Stock. The shares were sold at prices ranging from $16.9682 to $17.3913, resulting in a total transaction value of $12,255. According to InvestingPro analysis, the stock is currently trading below its Fair Value.

The sales were part of a plan to cover taxes upon the vesting of Restricted Stock Units, as outlined in a Rule 10b5-1 instruction letter adopted by Bottorff in March 2023. Following these transactions, Bottorff retains direct ownership of 49,140 shares in the company. InvestingPro data shows the company maintains strong liquidity with a current ratio of 1.29, indicating sufficient assets to meet short-term obligations. Subscribers can access 8 additional key insights about Bandwidth's financial health and market position through InvestingPro's comprehensive research reports.

In other recent news, Bandwidth Inc. has reported record revenue and average revenue per user (ARPU) in the third quarter of 2024. The enterprise cloud communications company announced a 28% year-over-year increase in revenue, reaching $194 million, and a significant 74% rise in adjusted EBITDA to $24 million. These recent developments are attributed to growth in direct enterprise customers and a rise in programmable communications services.

In addition to financial growth, Bandwidth has made key personnel changes, appointing Devesh Agarwal as its new Chief Operating Officer. Agarwal, who held the position on an interim basis since July 2024, has been instrumental in the development of Bandwidth's global Universal Platform and the launch of the Bandwidth Maestro™ platform.

Furthermore, Bandwidth's full-year revenue outlook has been raised to $742 million, indicating a projected growth rate of 23%. The company's free cash flow for 2024 is expected to exceed $50 million. Despite an increase in operating expenses due to investments in research and development, Bandwidth's commercial messaging revenue grew by 32%, and the company's net retention rate improved to 117%.

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