8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the firm. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $16.88.
EGHT has been the subject of several recent research reports. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Wednesday, March 15th. Needham & Company LLC lifted their price objective on 8×8 from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, January 26th. Morgan Stanley initiated coverage on 8×8 in a research note on Tuesday, April 11th. They issued an “equal weight” rating and a $17.00 price objective for the company. Barclays PLC lifted their price objective on 8×8 from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, January 26th. Finally, B. Riley reiterated a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a research note on Monday, January 23rd.
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8×8 (NASDAQ:EGHT) traded down 1.02% during trading on Monday, hitting $14.55. 809,834 shares of the company were exchanged. The stock’s market capitalization is $1.32 billion. 8×8 has a 1-year low of $11.05 and a 1-year high of $16.80. The firm’s 50 day moving average price is $14.86 and its 200-day moving average price is $14.84.
8×8 (NASDAQ:EGHT) last announced its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. The business earned $63.68 million during the quarter, compared to analysts’ expectations of $63.51 million. 8×8 had a positive return on equity of 1.85% and a negative net margin of 1.19%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 EPS. Equities analysts predict that 8×8 will post $0.21 EPS for the current year.
In related news, insider Bryan R. Martin sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $15.61, for a total transaction of $1,561,000.00. Following the completion of the sale, the insider now owns 972,819 shares in the company, valued at $15,185,704.59. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eric Salzman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $15.41, for a total value of $385,250.00. Following the sale, the director now owns 73,096 shares of the company’s stock, valued at approximately $1,126,409.36. The disclosure for this sale can be found here. 4.00% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the company. BlackRock Institutional Trust Company N.A. boosted its stake in 8×8 by 2.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,292,954 shares of the technology company’s stock valued at $35,380,000 after buying an additional 44,544 shares during the last quarter. Polar Capital LLP boosted its stake in 8×8 by 26.2% in the third quarter. Polar Capital LLP now owns 2,269,541 shares of the technology company’s stock valued at $35,009,000 after buying an additional 470,463 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake in 8×8 by 2.0% in the third quarter. Stephens Investment Management Group LLC now owns 2,095,345 shares of the technology company’s stock valued at $32,331,000 after buying an additional 41,100 shares during the last quarter. State Street Corp boosted its stake in 8×8 by 7.4% in the fourth quarter. State Street Corp now owns 1,962,814 shares of the technology company’s stock valued at $28,068,000 after buying an additional 134,653 shares during the last quarter. Finally, Kalmar Investments Inc. DE boosted its stake in 8×8 by 38.4% in the third quarter. Kalmar Investments Inc. DE now owns 1,335,457 shares of the technology company’s stock valued at $20,606,000 after buying an additional 370,500 shares during the last quarter. Hedge funds and other institutional investors own 70.83% of the company’s stock.
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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