8×8 Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of “Buy” from Analysts
Shares of 8×8 Inc. (NASDAQ:EGHT) have received a consensus rating of “Buy” from the fourteen research firms that are currently covering the stock. Three analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $14.55.
A number of analysts recently commented on EGHT shares. William Blair reaffirmed a “buy” rating on shares of 8×8 in a research report on Saturday, June 18th. Summit Redstone reaffirmed a “buy” rating and issued a $17.00 target price on shares of 8×8 in a research report on Thursday, June 30th. B. Riley reaffirmed a “neutral” rating and issued a $14.00 target price on shares of 8×8 in a research report on Friday, July 15th. Dougherty & Co boosted their target price on 8×8 from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Finally, Zacks Investment Research lowered 8×8 from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th.
Several institutional investors have recently made changes to their positions in the company. Fox Run Management L.L.C. acquired a new position in shares of 8×8 during the second quarter worth $171,000. Capstone Asset Management Co. increased its position in 8×8 by 14.5% in the second quarter. Capstone Asset Management Co. now owns 35,590 shares of the company’s stock valued at $520,000 after buying an additional 4,520 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in 8×8 by 117.0% in the second quarter. BNP Paribas Arbitrage SA now owns 27,862 shares of the company’s stock valued at $407,000 after buying an additional 15,020 shares during the last quarter. Royal Bank of Canada increased its position in 8×8 by 10,490.6% in the first quarter. Royal Bank of Canada now owns 79,959 shares of the company’s stock valued at $805,000 after buying an additional 79,204 shares during the last quarter. Finally, Legal & General Group Plc increased its position in 8×8 by 5.7% in the first quarter. Legal & General Group Plc now owns 13,690 shares of the company’s stock valued at $136,000 after buying an additional 741 shares during the last quarter. Hedge funds and other institutional investors own 72.09% of the company’s stock.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/07/8x8-inc-nasdaqeght-receives-consensus-recommendation-of-buy-from-analysts.html
Shares of 8×8 (NASDAQ:EGHT) traded down 1.07% during trading on Friday, hitting $14.86. The stock had a trading volume of 184,550 shares. The company’s 50 day moving average price is $14.29 and its 200 day moving average price is $13.09. 8×8 has a 52 week low of $8.39 and a 52 week high of $15.67. The company’s market capitalization is $1.33 billion.
8×8 (NASDAQ:EGHT) last issued its earnings results on Thursday, July 21st. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. 8×8 had a negative return on equity of 0.89% and a negative net margin of 2.34%. The business earned $60 million during the quarter, compared to analyst estimates of $57.97 million. Analysts predict that 8×8 will post $0.20 earnings per share for the current year.
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.
Receive News & Ratings for 8x8 Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8x8 Inc. and related companies with MarketBeat.com's FREE daily email newsletter.