8×8, Inc. (EGHT) Receives Consensus Rating of “Buy” from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have received a consensus rating of “Buy” from the twelve brokerages that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $23.56.

A number of analysts recently weighed in on EGHT shares. Guggenheim started coverage on shares of 8X8 in a research report on Monday, March 11th. They set a “neutral” rating and a $20.00 price target for the company. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Thursday, January 24th. BidaskClub raised shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Tuesday, February 12th. Needham & Company LLC decreased their price target on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.50 price target on shares of 8X8 in a research report on Thursday, January 31st.

In other news, EVP Dejan Deklich sold 36,136 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $22.06, for a total transaction of $797,160.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of 8X8 by 3.8% in the third quarter. Bank of New York Mellon Corp now owns 1,095,751 shares of the technology company’s stock valued at $23,286,000 after purchasing an additional 40,321 shares during the period. JPMorgan Chase & Co. increased its stake in shares of 8X8 by 45.1% in the third quarter. JPMorgan Chase & Co. now owns 136,986 shares of the technology company’s stock valued at $2,910,000 after purchasing an additional 42,563 shares during the period. LPL Financial LLC acquired a new stake in shares of 8X8 in the third quarter valued at approximately $517,000. Jane Street Group LLC acquired a new stake in shares of 8X8 in the third quarter valued at approximately $486,000. Finally, AQR Capital Management LLC increased its stake in shares of 8X8 by 81.5% in the third quarter. AQR Capital Management LLC now owns 121,105 shares of the technology company’s stock valued at $2,573,000 after purchasing an additional 54,379 shares during the period. 71.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of EGHT stock traded down $1.42 on Friday, reaching $22.31. 3,345,689 shares of the stock were exchanged, compared to its average volume of 1,250,061. 8X8 has a 1-year low of $15.13 and a 1-year high of $24.39.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, May 14th. The technology company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The firm had revenue of $93.80 million during the quarter, compared to analyst estimates of $92.98 million. During the same period last year, the firm posted ($0.03) EPS. The firm’s revenue was up 18.3% on a year-over-year basis.

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.

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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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