Brokerages Set 8×8, Inc. (NYSE:EGHT) Price Target at $25.23

8×8, Inc. (NYSE:EGHT) has been assigned a consensus rating of “Hold” from the sixteen research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $25.23.

A number of analysts recently commented on EGHT shares. Morgan Stanley downgraded shares of 8X8 from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $28.00 to $23.00 in a report on Monday, January 13th. Bank of America downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and set a $21.00 target price on the stock. in a report on Monday, September 30th. Zacks Investment Research downgraded shares of 8X8 from a “hold” rating to a “sell” rating in a report on Monday, January 6th. Northland Securities reissued a “buy” rating and issued a $29.00 target price on shares of 8X8 in a research report on Sunday, September 22nd. Finally, Stephens reissued a “buy” rating and issued a $27.00 target price on shares of 8X8 in a research report on Thursday, October 31st.

In other news, EVP Dejan Deklich sold 3,715 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $20.00, for a total value of $74,300.00. Following the completion of the sale, the executive vice president now directly owns 13,143 shares in the company, valued at $262,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vikram Verma acquired 5,825 shares of 8X8 stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of $16.95 per share, with a total value of $98,733.75. The disclosure for this purchase can be found here. Insiders own 3.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. purchased a new position in 8X8 during the second quarter worth approximately $209,000. JPMorgan Chase & Co. raised its stake in shares of 8X8 by 2.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 96,854 shares of the technology company’s stock valued at $2,289,000 after acquiring an additional 2,694 shares during the period. Bank of Montreal Can raised its stake in shares of 8X8 by 203.7% in the 2nd quarter. Bank of Montreal Can now owns 12,285 shares of the technology company’s stock valued at $296,000 after acquiring an additional 8,240 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 8X8 by 1.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 555,488 shares of the technology company’s stock valued at $13,388,000 after acquiring an additional 7,697 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of 8X8 in the 2nd quarter valued at $3,016,000. Institutional investors and hedge funds own 90.19% of the company’s stock.

Shares of EGHT stock traded down $0.64 during midday trading on Wednesday, reaching $20.64. 1,430,163 shares of the company were exchanged, compared to its average volume of 1,129,351. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.45 and a current ratio of 2.45. The company’s 50 day moving average price is $18.64 and its two-hundred day moving average price is $21.56. 8X8 has a 12 month low of $16.50 and a 12 month high of $26.67. The company has a market cap of $2.07 billion, a P/E ratio of -15.64 and a beta of 0.67.

8X8 (NYSE:EGHT) last released its earnings results on Wednesday, October 30th. The technology company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.01. 8X8 had a negative net margin of 32.60% and a negative return on equity of 40.84%. The business had revenue of $109.50 million for the quarter, compared to the consensus estimate of $106.51 million. During the same period in the previous year, the firm earned ($0.04) EPS. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. As a group, sell-side analysts predict that 8X8 will post -1.26 earnings per share for the current year.

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 (NYSE:EGHT)

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