8×8 Inc (NASDAQ:EGHT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

According to Zacks, “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 software platform brings together cloud, mobile, collaboration, video and data science technologies. It provides 8×8 Virtual Office, a voice as a service with a robust business feature set; 8×8 Virtual Office Pro software that enables employees and workgroups to communicate with each other using chat or text messages sent via the short message service; and 8×8 Virtual Contact Center, a voice, chat, voicemail, and email call center. The company integrates its services with third-party applications and platforms, including enterprise resource planning, customer relations management, human capital management, and other proprietary application suites. It markets its services to end users through direct sales force, Website, and channel partners. “

EGHT has been the subject of several other reports. ValuEngine raised 8×8 from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Northland Securities set a $18.00 price objective on 8×8 and gave the stock a “buy” rating in a research report on Friday, July 28th. Craig Hallum cut 8×8 from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $19.00 to $15.00 in a research report on Friday, July 28th. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Finally, William Blair reaffirmed a “hold” rating on shares of 8×8 in a research report on Sunday, July 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.30.

Shares of 8×8 (NASDAQ:EGHT) remained flat at $14.05 during midday trading on Wednesday. 433,368 shares of the stock were exchanged. The company has a 50 day moving average of $13.53 and a 200 day moving average of $13.98. The firm’s market capitalization is $1.29 billion. 8×8 has a 1-year low of $10.30 and a 1-year high of $16.80.

8×8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). The business had revenue of $69.10 million for the quarter, compared to analyst estimates of $68.65 million. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The company’s revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. On average, equities research analysts anticipate that 8×8 will post $0.07 EPS for the current year.

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In other news, CEO Vikram Verma bought 11,700 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $12.80 per share, with a total value of $149,760.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mary Ellen P. Genovese bought 11,625 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $12.78 per share, with a total value of $148,567.50. Following the completion of the transaction, the chief financial officer now owns 92,106 shares in the company, valued at $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in EGHT. Emerald Mutual Fund Advisers Trust boosted its position in shares of 8×8 by 47.9% in the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 1,958,011 shares of the technology company’s stock valued at $22,419,000 after purchasing an additional 634,340 shares during the period. Emerald Advisers Inc. PA raised its stake in 8×8 by 33.9% during the 4th quarter. Emerald Advisers Inc. PA now owns 1,910,019 shares of the technology company’s stock valued at $21,870,000 after acquiring an additional 484,036 shares during the last quarter. Russell Frank Co raised its stake in 8×8 by 24.6% during the 4th quarter. Russell Frank Co now owns 712,570 shares of the technology company’s stock valued at $8,273,000 after acquiring an additional 140,789 shares during the last quarter. California State Teachers Retirement System raised its stake in 8×8 by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 163,377 shares of the technology company’s stock valued at $1,871,000 after acquiring an additional 2,879 shares during the last quarter. Finally, First Mercantile Trust Co. purchased a new stake in 8×8 during the 4th quarter valued at approximately $286,000. 69.48% of the stock is owned by hedge funds and other institutional investors.

About 8×8

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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