8×8, Inc. (EGHT) Receives Average Recommendation of “Buy” from Analysts

8×8, Inc. (NASDAQ:EGHT) has earned an average recommendation of “Buy” from the fifteen research firms that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $18.89.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Summit Redstone cut 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 27th. BidaskClub upgraded 8X8 from a “hold” rating to a “buy” rating in a report on Wednesday, January 24th. B. Riley reiterated a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a report on Tuesday, January 23rd. Finally, William Blair reiterated a “hold” rating on shares of 8X8 in a report on Tuesday, January 23rd.

In other news, insider Bryan R. Martin sold 100,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $17.86, for a total value of $1,786,000.00. Following the completion of the transaction, the insider now directly owns 1,001,010 shares in the company, valued at approximately $17,878,038.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of 8X8 by 3.0% in the 4th quarter. BlackRock Inc. now owns 11,255,584 shares of the technology company’s stock valued at $158,705,000 after acquiring an additional 332,590 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of 8X8 by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock valued at $72,362,000 after acquiring an additional 213,257 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of 8X8 by 10.9% in the 4th quarter. First Trust Advisors LP now owns 3,741,630 shares of the technology company’s stock valued at $52,757,000 after acquiring an additional 368,859 shares during the last quarter. State Street Corp lifted its stake in shares of 8X8 by 4.8% in the 2nd 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 last quarter. Finally, Stephens Investment Management Group LLC lifted its stake in shares of 8X8 by 0.9% in the 3rd quarter. Stephens Investment Management Group LLC now owns 2,094,413 shares of the technology company’s stock valued at $28,275,000 after acquiring an additional 19,225 shares during the last quarter. 71.56% of the stock is owned by institutional investors.

8X8 (EGHT) traded up $0.67 during trading on Tuesday, reaching $17.47. The company had a trading volume of 438,700 shares, compared to its average volume of 1,105,530. 8X8 has a twelve month low of $10.30 and a twelve month high of $18.50. The stock has a market capitalization of $1,540.00, a PE ratio of -17.06 and a beta of 0.71.

8X8 (NASDAQ:EGHT) last posted its earnings results on Thursday, January 25th. The technology company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.06. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The business had revenue of $75.58 million during the quarter, compared to analysts’ expectations of $73.90 million. During the same period in the previous year, the business earned $0.06 earnings per share. The firm’s revenue was up 18.7% on a year-over-year basis. equities analysts anticipate that 8X8 will post -0.12 EPS 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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