8×8 Inc (NASDAQ:EGHT)‘s stock had its “neutral” rating reissued by research analysts at B. Riley in a note issued to investors on Wednesday. They presently have a $14.00 price objective on the technology company’s stock. B. Riley’s target price would indicate a potential upside of 1.45% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of 8×8 from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Tuesday, July 18th. Morgan Stanley started coverage on shares of 8×8 in a research note on Tuesday, April 11th. They set an “equal weight” rating and a $17.00 price objective for the company. Deutsche Bank AG raised their price objective on shares of 8×8 from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, May 30th. William Blair lowered shares of 8×8 from an “outperform” rating to a “market perform” rating in a research note on Monday, May 1st. Finally, Dougherty & Co reduced their target price on shares of 8×8 from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, May 23rd. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. 8×8 currently has a consensus rating of “Buy” and a consensus target price of $17.50.

8×8 (NASDAQ:EGHT) traded up 1.10% during midday trading on Wednesday, reaching $13.80. 529,600 shares of the company’s stock traded hands. 8×8 has a 52-week low of $12.60 and a 52-week high of $16.80. The company’s 50-day moving average price is $14.43 and its 200-day moving average price is $14.62. The stock’s market cap is $1.26 billion.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, May 25th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The company had revenue of $66.49 million during the quarter, compared to analyst estimates of $65.54 million. 8×8 had a negative net margin of 1.88% and a positive return on equity of 2.26%. 8×8’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. On average, equities analysts predict that 8×8 will post $0.17 EPS for the current fiscal year.

8×8 announced that its Board of Directors has approved a share buyback plan on Thursday, May 25th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 28% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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Large investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System raised its stake in 8×8 by 0.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 57,571 shares of the technology company’s stock valued at $841,000 after buying an additional 170 shares in the last quarter. State of Alaska Department of Revenue raised its stake in 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock valued at $153,000 after buying an additional 210 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in 8×8 by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 37,300 shares of the technology company’s stock valued at $543,000 after buying an additional 300 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in 8×8 by 0.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 60,277 shares of the technology company’s stock valued at $862,000 after buying an additional 431 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in 8×8 by 2.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 20,050 shares of the technology company’s stock valued at $309,000 after buying an additional 530 shares in the last quarter. Hedge funds and other institutional investors own 68.01% of the company’s stock.

8×8 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.

Analyst Recommendations for 8x8 (NASDAQ:EGHT)

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