8×8, Inc. (NYSE:EGHT) Receives $24.29 Average PT from Brokerages

Shares of 8×8, Inc. (NYSE:EGHT) have been assigned a consensus recommendation of “Hold” from the seventeen brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $24.29.

A number of research analysts have issued reports on EGHT shares. ValuEngine lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 4th. B. Riley raised shares of 8X8 from a “sell” rating to a “neutral” rating and set a $18.50 target price for the company in a research note on Thursday, October 24th. They noted that the move was a valuation call. Summit Insights raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Morgan Stanley lowered shares of 8X8 from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $28.00 to $23.00 in a research note on Monday, January 13th. Finally, Rosenblatt Securities reissued a “hold” rating and set a $21.00 target price on shares of 8X8 in a research note on Wednesday, January 22nd.

In related news, CEO Vikram Verma purchased 5,825 shares of 8X8 stock in a transaction dated Friday, December 13th. The stock was bought at an average cost of $16.95 per share, with a total value of $98,733.75. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 3.00% of the company’s stock.

Large investors have recently modified their holdings of the company. Rhumbline Advisers raised its holdings in shares of 8X8 by 3.9% in the 3rd quarter. Rhumbline Advisers now owns 292,425 shares of the technology company’s stock worth $6,059,000 after purchasing an additional 10,945 shares in the last quarter. BlackRock Inc. raised its holdings in shares of 8X8 by 0.6% in the 2nd quarter. BlackRock Inc. now owns 14,122,984 shares of the technology company’s stock worth $340,364,000 after purchasing an additional 86,824 shares in the last quarter. Zeke Capital Advisors LLC raised its holdings in shares of 8X8 by 87.5% in the 4th quarter. Zeke Capital Advisors LLC now owns 26,114 shares of the technology company’s stock worth $478,000 after purchasing an additional 12,187 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of 8X8 in the 3rd quarter worth approximately $1,716,000. Finally, Comerica Bank raised its holdings in shares of 8X8 by 37.9% in the 3rd quarter. Comerica Bank now owns 124,125 shares of the technology company’s stock worth $2,459,000 after purchasing an additional 34,091 shares in the last quarter. 90.42% of the stock is owned by institutional investors.

Shares of NYSE EGHT traded down $0.23 during midday trading on Friday, hitting $20.41. The company’s stock had a trading volume of 565,400 shares, compared to its average volume of 1,240,471. 8X8 has a 1-year low of $16.62 and a 1-year high of $26.67. The firm’s fifty day moving average price is $19.41 and its 200-day moving average price is $20.87. The company has a debt-to-equity ratio of 1.70, a quick ratio of 2.49 and a current ratio of 2.49. The firm has a market cap of $2.09 billion, a P/E ratio of -13.25 and a beta of 0.58.

8X8 (NYSE:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.17) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.17). 8X8 had a negative net margin of 35.94% and a negative return on equity of 49.59%. The business had revenue of $118.57 million during the quarter, compared to analyst estimates of $114.11 million. During the same period in the previous year, the business posted ($0.06) EPS. The company’s quarterly revenue was up 31.9% on a year-over-year basis. As a group, research analysts predict that 8X8 will post -1.31 earnings per share for the current fiscal 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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