Zacks Investment Research upgraded shares of 8X8 (NASDAQ:EGHT) from a hold rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $21.00 price objective on the technology company’s stock.
According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “
Several other research firms have also weighed in on EGHT. BidaskClub raised shares of 8X8 from a buy rating to a strong-buy rating in a research note on Friday, August 10th. B. Riley raised their target price on shares of 8X8 from $16.00 to $22.00 and gave the stock a neutral rating in a report on Monday, July 30th. Stifel Nicolaus initiated coverage on shares of 8X8 in a report on Wednesday, July 11th. They set a buy rating and a $25.00 target price on the stock. Needham & Company LLC restated a buy rating and set a $25.00 target price on shares of 8X8 in a report on Friday, July 27th. Finally, William Blair initiated coverage on shares of 8X8 in a report on Wednesday, October 10th. They set an outperform rating on the stock. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $23.25.
8X8 stock opened at $19.02 on Monday. 8X8 has a fifty-two week low of $12.00 and a fifty-two week high of $23.50.
8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, July 26th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The business had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.02 million. During the same quarter last year, the firm earned $0.02 EPS. 8X8’s quarterly revenue was up 20.4% compared to the same quarter last year. On average, equities research analysts expect that 8X8 will post -0.12 earnings per share for the current year.
In other 8X8 news, SVP Darren J. Hakeman sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $23.25, for a total transaction of $186,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 4.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in EGHT. Strs Ohio raised its holdings in shares of 8X8 by 4.7% in the second quarter. Strs Ohio now owns 60,200 shares of the technology company’s stock valued at $1,207,000 after purchasing an additional 2,700 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of 8X8 by 1.6% in the first quarter. Legal & General Group Plc now owns 192,072 shares of the technology company’s stock valued at $3,552,000 after purchasing an additional 3,091 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of 8X8 by 2.2% in the second quarter. Bank of America Corp DE now owns 158,944 shares of the technology company’s stock valued at $3,187,000 after purchasing an additional 3,486 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of 8X8 by 29.6% in the second quarter. SG Americas Securities LLC now owns 16,240 shares of the technology company’s stock valued at $326,000 after purchasing an additional 3,713 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its holdings in shares of 8X8 by 37.8% in the first quarter. Xact Kapitalforvaltning AB now owns 15,325 shares of the technology company’s stock valued at $286,000 after purchasing an additional 4,200 shares during the last quarter. Hedge funds and other institutional investors own 71.56% of the company’s stock.
8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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