8×8 Inc (EGHT) Stock Rating Upgraded by Zacks Investment Research
8×8 Inc (NASDAQ:EGHT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The firm currently has a $16.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.28% from the company’s current price.
According to Zacks, “8X8, Inc. (formerly Netergy Networks Inc.), and its two subsidiaries, Netergy Microelectronics and Centile, Inc., are providers of IP-based services, service creation environment and delivery tools, and embedded network appliance technology to help communication service providers and telecommunication equipment manufacturers succeed in the New Telecom Landscape, where voice, data and video converge into an ubiquitous IP network. “
Several other analysts have also recently weighed in on the stock. William Blair cut shares of 8×8 from an “outperform” rating to a “market perform” rating in a research note on Monday, May 1st. Deutsche Bank AG boosted their price objective on shares of 8×8 from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, May 30th. Morgan Stanley started coverage on shares of 8×8 in a research note on Tuesday, April 11th. They issued an “equal weight” rating and a $17.00 price objective on the stock. BidaskClub raised shares of 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, ValuEngine raised shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $17.50.
8×8 (EGHT) traded up 1.79% on Tuesday, hitting $14.25. The stock had a trading volume of 467,849 shares. 8×8 has a 12-month low of $12.60 and a 12-month high of $16.80. The company has a 50 day moving average of $14.42 and a 200 day moving average of $14.60. The company’s market capitalization is $1.31 billion.
8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, May 25th. The technology company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.02. 8×8 had a negative net margin of 1.88% and a positive return on equity of 2.26%. The company had revenue of $66.49 million for the quarter, compared to analysts’ expectations of $65.54 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. 8×8’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts expect that 8×8 will post $0.17 earnings per share for the current year.
8×8 declared that its board has initiated a share buyback program on Thursday, May 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 28% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors have recently added to or reduced their stakes in EGHT. Russell Investments Group Ltd. boosted its position in 8×8 by 5.3% in the second quarter. Russell Investments Group Ltd. now owns 650,605 shares of the technology company’s stock worth $9,467,000 after buying an additional 32,543 shares during the period. Juncture Wealth Strategies LLC boosted its position in 8×8 by 2.3% in the second quarter. Juncture Wealth Strategies LLC now owns 75,943 shares of the technology company’s stock worth $1,105,000 after buying an additional 1,730 shares during the period. Aperio Group LLC boosted its position in 8×8 by 166.9% in the second quarter. Aperio Group LLC now owns 70,789 shares of the technology company’s stock worth $1,030,000 after buying an additional 44,269 shares during the period. Louisiana State Employees Retirement System boosted its position 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 worth $543,000 after buying an additional 300 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in 8×8 by 79.4% in the second quarter. State of Alaska Department of Revenue now owns 18,015 shares of the technology company’s stock worth $262,000 after buying an additional 7,975 shares during the period. 67.91% of the stock is currently owned by institutional investors.
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.
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