William Blair reaffirmed their hold rating on shares of 8X8 (NASDAQ:EGHT) in a research report sent to investors on Friday, November 17th.
“We hosted two days of investor meetings with CEO Vik Verma, CFO Mary Ellen Genovese and the new Senior Director of Investor Relations Victoria Hyde-Dunn. We maintain our Market Perform rating on shares while the company fulfills its promise to reaccelerate growth and drive better sales and marketing efficiency . The company’s shift in product strategy and reorganization of its sales and marketing organization, which has the potential to disrupt operations in the near term, realistically speaking, is likely to persist for these moves are transformational and will position the company for long-term success in a highly competitive, but fast-growing and underpenetrated UCaaS/CCaaS market, where 8×8 continues to enjoy a recurring book of business from over 1 million users with first-mover two more quarters, but will likely pay significant dividends once executed upon.”,” the firm’s analyst commented.
Other equities research analysts have also issued research reports about the stock. Northland Securities set a $18.00 price objective on shares of 8X8 and gave the stock a buy rating in a research note on Friday, July 28th. BidaskClub raised shares of 8X8 from a hold rating to a buy rating in a report on Saturday, August 5th. Robert W. Baird reissued a buy rating and set a $17.00 price objective on shares of 8X8 in a report on Friday, November 17th. Summit Redstone cut shares of 8X8 from a buy rating to a hold rating in a report on Friday, October 27th. Finally, B. Riley reaffirmed a hold rating and set a $14.00 target price on shares of 8X8 in a report on Tuesday, October 24th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $17.30.
8X8 (NASDAQ:EGHT) traded down $0.02 during mid-day trading on Friday, hitting $14.30. 901,750 shares of the company’s stock were exchanged, compared to its average volume of 739,934. 8X8 has a 12-month low of $10.30 and a 12-month high of $16.80.
8X8 (NASDAQ:EGHT) last announced its earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm had revenue of $72.48 million for the quarter, compared to analyst estimates of $71.65 million. During the same quarter in the previous year, the firm posted $0.06 EPS. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. equities research analysts expect that 8X8 will post -0.12 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan boosted its stake in 8X8 by 4.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 21,650 shares of the technology company’s stock worth $315,000 after purchasing an additional 1,010 shares in the last quarter. Vanguard Group Inc. boosted its stake in 8X8 by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock worth $72,362,000 after purchasing an additional 213,257 shares in the last quarter. OppenheimerFunds Inc. acquired a new stake in 8X8 in the 1st quarter worth approximately $219,000. Goldman Sachs Group Inc. boosted its stake in 8X8 by 9.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 254,605 shares of the technology company’s stock worth $3,704,000 after purchasing an additional 21,879 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in 8X8 by 280.7% in the 2nd quarter. GSA Capital Partners LLP now owns 38,190 shares of the technology company’s stock worth $556,000 after purchasing an additional 28,159 shares in the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.
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8X8 Company Profile
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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