Needham & Company Initiates Coverage on 8×8 (EGHT)
Equities research analysts at Needham & Company assumed coverage on shares of 8×8 (NASDAQ:EGHT) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $14.00 price target on the stock. Needham & Company’s target price suggests a potential upside of 45.23% from the stock’s previous close.
EGHT has been the subject of a number of other recent research reports. Analysts at TheStreet downgraded shares of 8×8 to a “hold” rating in a research note to investors on Friday, December 13th. Separately, analysts at Bank of America Corp. initiated coverage on shares of 8×8 in a research note to investors on Monday, November 25th. They set a “buy” rating and a $13.00 price target on the stock. Finally, analysts at Barclays initiated coverage on shares of 8×8 in a research note to investors on Monday, November 25th. They set an “overweight” rating and a $12.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. 8×8 has a consensus rating of “Buy” and a consensus price target of $12.31.
8×8 (NASDAQ:EGHT) traded up 2.86% on Tuesday, hitting $10.44. The stock had a trading volume of 196,700 shares. 8×8 has a 52 week low of $6.00 and a 52 week high of $12.42. The stock has a 50-day moving average of $9.71 and a 200-day moving average of $9.71. The company has a market cap of $763.8 million and a P/E ratio of 92.27.
8×8 (NASDAQ:EGHT) last released its earnings data on Wednesday, October 23rd. The company reported $0.05 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.06 by $0.01. The company had revenue of $30.82 million for the quarter, compared to the consensus estimate of $31.10 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis. Analysts expect that 8×8 will post $0.17 EPS for the current fiscal year.
8×8, Inc, is a United States-based company, which provides telecommunication services and technology for Internet protocol (NASDAQ:EGHT), telephony and video applications.
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