8×8 Inc (EGHT) Given Consensus Recommendation of “Hold” by Brokerages
Shares of 8×8 Inc (NASDAQ:EGHT) have received an average recommendation of “Hold” from the thirteen ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $17.44.
Several brokerages recently weighed in on EGHT. B. Riley reaffirmed a “neutral” rating and set a $14.00 price target on shares of 8×8 in a report on Monday, July 24th. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Zacks Investment Research raised 8×8 from a “sell” rating to a “hold” rating in a report on Monday, August 14th. William Blair reaffirmed a “hold” rating on shares of 8×8 in a report on Sunday, July 30th. Finally, Craig Hallum downgraded 8×8 from a “buy” rating to a “hold” rating and decreased their price target for the stock from $19.00 to $15.00 in a report on Friday, July 28th.
8×8 (NASDAQ EGHT) traded down 1.264% during trading on Wednesday, hitting $13.675. 235,679 shares of the stock traded hands. 8×8 has a 12 month low of $10.30 and a 12 month high of $16.80. The stock’s market cap is $1.26 billion. The firm’s 50-day moving average is $13.63 and its 200-day moving average is $13.95.
8×8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The company had revenue of $69.10 million for the quarter, compared to analyst estimates of $68.65 million. During the same period in the prior year, the business earned $0.04 earnings per share. 8×8’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts forecast that 8×8 will post $0.07 EPS for the current year.
In other 8×8 news, CFO Mary Ellen P. Genovese bought 11,625 shares of 8×8 stock in a transaction on Tuesday, August 1st. The stock was bought at an average price of $12.78 per share, with a total value of $148,567.50. Following the completion of the acquisition, the chief financial officer now owns 92,106 shares in the company, valued at $1,177,114.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vikram Verma bought 11,700 shares of 8×8 stock in a transaction on Tuesday, August 1st. The stock was acquired at an average cost of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its holdings in 8×8 by 16.1% in the second quarter. Public Employees Retirement System of Ohio now owns 107,028 shares of the technology company’s stock valued at $1,557,000 after acquiring an additional 14,838 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in 8×8 in the second quarter valued at $288,000. Southpoint Capital Advisors LP acquired a new stake in 8×8 in the second quarter valued at $7,275,000. State Street Corp lifted its holdings in 8×8 by 4.8% in the second quarter. State Street Corp now owns 2,226,356 shares of the technology company’s stock valued at $32,388,000 after acquiring an additional 101,136 shares during the period. Finally, Hunt Lane Capital LP acquired a new stake in 8×8 in the second quarter valued at $36,375,000. 69.48% of the stock is owned by institutional investors.
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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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