Morgan Stanley upgraded shares of 8X8 (NASDAQ:EGHT) from an equal weight rating to an overweight rating in a report released on Wednesday, January 17th, Marketbeat reports. They currently have $19.00 price target on the technology company’s stock.
Other equities research analysts have also recently issued reports about the stock. Robert W. Baird reissued a buy rating and issued a $17.00 price objective on shares of 8X8 in a research note on Friday, November 17th. Summit Redstone cut shares of 8X8 from a buy rating to a hold rating in a research note on Friday, October 27th. B. Riley restated a hold rating and issued a $14.00 target price on shares of 8X8 in a report on Tuesday, October 24th. Zacks Investment Research upgraded shares of 8X8 from a sell rating to a hold rating in a report on Tuesday, October 17th. Finally, William Blair restated a hold rating on shares of 8X8 in a report on Friday, November 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. 8X8 presently has a consensus rating of Buy and an average price target of $18.60.
Shares of 8X8 (NASDAQ:EGHT) remained flat at $$16.80 on Wednesday. 604,574 shares of the company’s stock were exchanged, compared to its average volume of 1,128,732. 8X8 has a 52-week low of $10.30 and a 52-week high of $18.50. The company has a market capitalization of $1,540.00, a price-to-earnings ratio of -16.47 and a beta of 0.71.
8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Thursday, January 25th. The technology company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $75.58 million for the quarter, compared to analysts’ expectations of $73.90 million. During the same period in the prior year, the company posted $0.06 EPS. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. analysts forecast that 8X8 will post -0.12 earnings per share for the current fiscal year.
In other 8X8 news, insider Bryan R. Martin sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $17.86, for a total value of $1,786,000.00. Following the completion of the sale, the insider now owns 1,001,010 shares of the company’s stock, valued at $17,878,038.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA boosted its holdings in 8X8 by 69.7% in the third quarter. BNP Paribas Arbitrage SA now owns 46,130 shares of the technology company’s stock worth $623,000 after purchasing an additional 18,941 shares during the period. Vanguard Group Inc. lifted its stake in 8X8 by 4.5% in the second quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock valued at $72,362,000 after buying an additional 213,257 shares during the last quarter. Paradigm Capital Management Inc. NY bought a new stake in 8X8 in the third quarter valued at $940,000. GSA Capital Partners LLP lifted its stake in 8X8 by 280.7% in the second quarter. GSA Capital Partners LLP now owns 38,190 shares of the technology company’s stock valued at $556,000 after buying an additional 28,159 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in 8X8 by 9.4% in the second quarter. Goldman Sachs Group Inc. now owns 254,605 shares of the technology company’s stock valued at $3,704,000 after buying an additional 21,879 shares during the last quarter. 71.56% of the stock is owned by hedge funds and other institutional investors.
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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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