8×8, Inc. (EGHT) Given Consensus Rating of “Buy” by Brokerages

8×8, Inc. (NASDAQ:EGHT) has earned an average rating of “Buy” from the fourteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $17.67.

Several equities research analysts have weighed in on EGHT shares. Robert W. Baird restated a “buy” rating and issued a $17.00 price objective on shares of 8X8 in a research report on Friday, November 17th. Summit Redstone lowered shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. B. Riley reaffirmed a “hold” rating and issued a $14.00 target price on shares of 8X8 in a research note on Tuesday, October 24th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, William Blair reaffirmed a “hold” rating on shares of 8X8 in a research note on Friday, November 17th.

A number of institutional investors have recently added to or reduced their stakes in EGHT. Hunt Lane Capital LP bought a new position in 8X8 during the 2nd quarter worth approximately $36,375,000. Voya Investment Management LLC boosted its stake in 8X8 by 2,585.9% during the 2nd quarter. Voya Investment Management LLC now owns 1,055,746 shares of the technology company’s stock worth $15,361,000 after acquiring an additional 1,016,439 shares during the last quarter. Point72 Asset Management L.P. bought a new position in 8X8 during the 3rd quarter worth approximately $13,203,000. Royal Bank of Canada boosted its stake in 8X8 by 1,598.1% during the 2nd quarter. Royal Bank of Canada now owns 585,946 shares of the technology company’s stock worth $8,525,000 after acquiring an additional 551,440 shares during the last quarter. Finally, Southpoint Capital Advisors LP bought a new position in 8X8 during the 2nd quarter worth approximately $7,275,000. 71.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of 8X8 (EGHT) traded up $0.05 on Friday, hitting $16.25. The stock had a trading volume of 94,195 shares, compared to its average volume of 689,757. The company has a market cap of $1,490.00, a P/E ratio of -203.13 and a beta of 0.37. 8X8 has a 12-month low of $10.30 and a 12-month high of $16.80.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $72.48 million during the quarter, compared to analysts’ expectations of $71.65 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.06 EPS. sell-side analysts forecast that 8X8 will post -0.12 earnings per share for the current fiscal year.

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About 8X8

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.

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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