8×8 Inc (EGHT) Receives Average Rating of “Buy” from Analysts
Shares of 8×8 Inc (NASDAQ:EGHT) have received a consensus rating of “Buy” from the thirteen research firms that are covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $17.44.
Several research firms have recently weighed in on EGHT. B. Riley restated a “neutral” rating and issued a $14.00 target price on shares of 8×8 in a research report on Monday, July 24th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, Craig Hallum downgraded 8×8 from a “buy” rating to a “hold” rating and decreased their target price for the company from $19.00 to $15.00 in a research report on Friday, July 28th.
Shares of 8×8 (EGHT) traded up 1.10% during mid-day trading on Friday, hitting $13.80. The stock had a trading volume of 923,612 shares. The firm has a 50 day moving average of $13.39 and a 200-day moving average of $14.09. The stock’s market cap is $1.27 billion. 8×8 has a one year low of $10.30 and a one year high of $16.80.
8×8 (NASDAQ:EGHT) last released its earnings results 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). The firm had revenue of $69.10 million during the quarter, compared to analysts’ expectations of $68.65 million. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.04 EPS. Equities research analysts expect that 8×8 will post $0.07 earnings per share for the current fiscal year.
8×8 announced that its board has approved a share buyback plan on Thursday, May 25th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 28% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other 8×8 news, CEO Vikram Verma bought 11,700 shares of 8×8 stock in a transaction on Tuesday, August 1st. The shares were bought at an average price of $12.80 per share, for a total transaction of $149,760.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mary Ellen P. Genovese bought 11,625 shares of 8×8 stock in a transaction on Tuesday, August 1st. The stock was acquired at an average price of $12.78 per share, for a total transaction of $148,567.50. Following the transaction, the chief financial officer now directly owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. purchased a new stake in 8×8 in the first quarter valued at $116,000. Riverhead Capital Management LLC grew its stake in shares of 8×8 by 85.4% in the second quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock valued at $132,000 after buying an additional 4,184 shares in the last quarter. Flinton Capital Management LLC grew its stake in shares of 8×8 by 84.8% in the second quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock valued at $133,000 after buying an additional 4,182 shares in the last quarter. Pinebridge Investments L.P. grew its stake in shares of 8×8 by 1.8% in the second quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock valued at $176,000 after buying an additional 209 shares in the last quarter. Finally, Amalgamated Bank grew its stake in shares of 8×8 by 5.0% in the second quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock valued at $179,000 after buying an additional 581 shares in the last quarter. Institutional investors own 70.01% of the company’s stock.
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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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