8×8, Inc. (EGHT) Receives Consensus Recommendation of “Buy” from Analysts

8×8, Inc. (NASDAQ:EGHT) has been given an average recommendation of “Buy” by the fifteen analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $23.38.

Several brokerages recently issued reports on EGHT. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Wednesday, September 26th. Stephens started coverage on shares of 8X8 in a report on Thursday, January 3rd. They set an “overweight” rating on the stock. Bank of America set a $23.00 target price on shares of 8X8 and gave the stock a “hold” rating in a report on Tuesday, October 30th. BidaskClub cut shares of 8X8 from a “buy” rating to a “hold” rating in a report on Thursday, October 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price (down from $25.00) on shares of 8X8 in a report on Tuesday, October 30th.

Shares of 8X8 stock traded up $0.21 during trading hours on Friday, reaching $20.20. 719,396 shares of the company’s stock were exchanged, compared to its average volume of 708,750. 8X8 has a fifty-two week low of $14.45 and a fifty-two week high of $23.50.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, October 29th. The technology company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. The business had revenue of $85.70 million for the quarter, compared to analyst estimates of $84.26 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The company’s quarterly revenue was up 18.2% on a year-over-year basis.

In other news, CEO Vikram Verma acquired 5,730 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were acquired at an average cost of $17.09 per share, with a total value of $97,925.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ian Potter sold 1,690 shares of 8X8 stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $18.35, for a total transaction of $31,011.50. Following the completion of the transaction, the director now directly owns 97,354 shares in the company, valued at $1,786,445.90. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

A number of large investors have recently made changes to their positions in EGHT. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in 8X8 in the second quarter valued at approximately $108,000. Pacer Advisors Inc. acquired a new position in shares of 8X8 during the third quarter worth $202,000. OppenheimerFunds Inc. acquired a new position in shares of 8X8 during the second quarter worth $201,000. Laurion Capital Management LP acquired a new position in shares of 8X8 during the second quarter worth $215,000. Finally, SG Americas Securities LLC lifted its holdings in shares of 8X8 by 29.6% during the second quarter. SG Americas Securities LLC now owns 16,240 shares of the technology company’s stock worth $326,000 after purchasing an additional 3,713 shares during the period. 71.56% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

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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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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