8X8’s (EGHT) Buy Rating Reiterated at Northland Securities

Northland Securities restated their buy rating on shares of 8X8 (NASDAQ:EGHT) in a research report released on Thursday, AnalystRatings.com reports. The brokerage currently has a $28.00 price objective on the technology company’s stock.

“We believe the number of use cases for API/CPaaS is almost limitless, helping to generate the market growth. Among the categories we cover of API/CPaaS is the fastest grower we believe. 8×8 can now offer API/CPaaS via its own technology. API/CPaaS can also be complementary to CCaaS customers. API/CPaaS enables 8×8 to more quickly capture customers than a UCaaS or CCaaS sale cycle might; although the buyers within companies to date have often been different people. 8×8 highlights growth acceleration, expansion internationally and deepening of tech expertise as rationales for the acquisition. We’d expect 8×8’s scale, R&D and global reach to help Wavecell as well. Transaction. 8×8 is paying $125 million ($69 mil cash, $59 mil stock) for Wavecell, or under 4x CY19 revs.”,” the firm’s analyst wrote.

Several other analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a buy rating and issued a $87.00 price target on shares of LivaNova in a report on Wednesday, May 15th. Zacks Investment Research raised Golub Capital BDC from a hold rating to a buy rating and set a $20.00 price target on the stock in a report on Tuesday, July 16th. Rosenblatt Securities reaffirmed a buy rating and issued a $105.00 price target on shares of RingCentral in a report on Monday, March 25th. Stephens reaffirmed a buy rating and issued a $27.00 price target on shares of 8X8 in a report on Tuesday, May 14th. Finally, BidaskClub raised Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. 8X8 presently has a consensus rating of Hold and a consensus price target of $24.85.

Shares of EGHT opened at $24.67 on Thursday. The business’s 50-day moving average is $24.45. 8X8 has a 52-week low of $15.13 and a 52-week high of $25.93.

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Buffington Mohr McNeal bought a new position in 8X8 during the 1st quarter worth approximately $28,000. Emancipation Management LLC bought a new position in 8X8 during the 4th quarter worth approximately $198,000. Financial Counselors Inc. bought a new position in 8X8 during the 1st quarter worth approximately $207,000. Amalgamated Bank bought a new position in 8X8 during the 4th quarter worth approximately $260,000. Finally, Everence Capital Management Inc. bought a new position in 8X8 during the 1st quarter worth approximately $286,000. Institutional investors and hedge funds own 71.56% of the company’s stock.

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.

Read More: Back-End Load

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.