8×8 Inc (EGHT) Receives Consensus Recommendation of “Buy” from Analysts
Shares of 8×8 Inc (NASDAQ:EGHT) have been assigned an average rating of “Buy” from the fourteen ratings firms that are covering the firm, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $17.44.
Several research firms have recently commented on EGHT. B. Riley reiterated a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a report on Monday, July 24th. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a report on Monday, August 14th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Craig Hallum downgraded 8×8 from a “buy” rating to a “hold” rating and reduced their price target for the company from $19.00 to $15.00 in a report on Friday, July 28th. Finally, William Blair restated a “hold” rating on shares of 8×8 in a report on Sunday, July 30th.
Hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC grew its holdings in shares of 8×8 by 85.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock worth $132,000 after acquiring an additional 4,184 shares during the period. Flinton Capital Management LLC boosted its position in shares of 8×8 by 84.8% in the 2nd quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock worth $133,000 after purchasing an additional 4,182 shares in the last quarter. Pinebridge Investments L.P. boosted its position in shares of 8×8 by 1.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after purchasing an additional 209 shares in the last quarter. Amalgamated Bank boosted its position in shares of 8×8 by 5.0% in the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock worth $179,000 after purchasing an additional 581 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of 8×8 in the 2nd quarter worth approximately $182,000. Hedge funds and other institutional investors own 68.19% of the company’s stock.
Shares of 8×8 (NASDAQ EGHT) traded up $0.15 during mid-day trading on Friday, reaching $13.90. The company’s stock had a trading volume of 906,143 shares, compared to its average volume of 915,045.
8×8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The firm had revenue of $72.48 million for the quarter, compared to the consensus estimate of $71.65 million. 8×8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 earnings per share. equities analysts predict that 8×8 will post -0.12 earnings per share for the current fiscal year.
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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