8X8 (EGHT) Shares Gap Up After Analyst Upgrade

8×8, Inc. (NASDAQ:EGHT) gapped up before the market opened on Monday after Bank of America raised their price target on the stock from $19.00 to $22.00. The stock had previously closed at $18.10, but opened at $17.75. Bank of America currently has a buy rating on the stock. 8X8 shares last traded at $17.70, with a volume of 965544 shares traded.

Several other equities research analysts also recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $19.00 price objective (up from $16.00) on shares of 8X8 in a research report on Friday. B. Riley raised their price objective on shares of 8X8 from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday. Robert W. Baird restated a “buy” rating and set a $21.00 price objective on shares of 8X8 in a research report on Friday. BidaskClub upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Wednesday, January 24th. Finally, William Blair restated a “hold” rating on shares of 8X8 in a research report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $18.60.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGHT. Schwab Charles Investment Management Inc. raised its position in shares of 8X8 by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 376,596 shares of the technology company’s stock valued at $5,480,000 after buying an additional 3,209 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of 8X8 by 85.4% in the second quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock valued at $132,000 after buying an additional 4,184 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of 8X8 by 30.1% in the second quarter. TIAA CREF Investment Management LLC now owns 386,051 shares of the technology company’s stock valued at $5,617,000 after buying an additional 89,360 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of 8X8 by 0.9% in the second quarter. Ameriprise Financial Inc. now owns 487,991 shares of the technology company’s stock valued at $7,101,000 after buying an additional 4,134 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of 8X8 by 5.0% in the second quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock valued at $179,000 after buying an additional 581 shares in the last quarter. Institutional investors own 71.56% of the company’s stock.

The stock has a market capitalization of $1,630.00, a PE ratio of -17.35 and a beta of 0.37.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Thursday, January 25th. The technology company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.06. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company had revenue of $75.58 million during the quarter, compared to the consensus estimate of $73.90 million. During the same period in the previous year, the business earned $0.06 earnings per share. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. sell-side analysts anticipate that 8×8, Inc. will post -0.12 EPS for the current year.

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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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