8×8 Inc (NASDAQ:EGHT) Lifted to Hold at Zacks Investment Research
8×8 Inc (NASDAQ:EGHT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
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 equities research analysts have also weighed in on the company. William Blair lowered 8×8 from an “outperform” rating to a “market perform” rating in a research note on Monday, May 1st. Deutsche Bank AG upped their price objective on 8×8 from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, May 30th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Finally, Northland Securities set a $18.00 price objective on 8×8 and gave the company a “buy” rating in a research note on Friday, July 28th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $17.30.
Shares of 8×8 (NASDAQ:EGHT) traded up 1.15% during mid-day trading on Monday, hitting $13.25. The company had a trading volume of 658,075 shares. 8×8 has a 12-month low of $10.30 and a 12-month high of $16.80. The firm’s 50 day moving average is $13.89 and its 200-day moving average is $14.38. The firm’s market cap is $1.22 billion.
8×8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.01. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The company had revenue of $69.10 million during the quarter, compared to the consensus estimate of $68.65 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts expect that 8×8 will post $0.07 EPS for the current year.
8×8 declared that its Board of Directors has approved a stock repurchase program on Thursday, May 25th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 28% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other news, CFO Mary Ellen P. Genovese acquired 11,625 shares of 8×8 stock in a transaction on Tuesday, August 1st. The shares were purchased at an average price of $12.78 per share, with a total value of $148,567.50. Following the acquisition, the chief financial officer now owns 92,106 shares in the company, valued at $1,177,114.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Vikram Verma acquired 11,700 shares of 8×8 stock in a transaction on Tuesday, August 1st. The shares were purchased at an average cost of $12.80 per share, for a total transaction of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Norges Bank purchased a new position in 8×8 during the fourth quarter valued at about $3,170,000. Highbridge Capital Management LLC purchased a new position in 8×8 during the fourth quarter valued at about $307,000. Juncture Wealth Strategies LLC increased its position in 8×8 by 7.8% in the first quarter. Juncture Wealth Strategies LLC now owns 74,213 shares of the technology company’s stock valued at $1,132,000 after buying an additional 5,374 shares in the last quarter. Louisiana State Employees Retirement System increased its position in 8×8 by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 37,000 shares of the technology company’s stock valued at $564,000 after buying an additional 600 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position 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. 70.17% of the stock is currently owned by hedge funds and other institutional investors.
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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