8X8 (NASDAQ:EGHT)‘s stock had its “hold” rating reissued by B. Riley in a research report issued to clients and investors on Tuesday, January 23rd, MarketBeat.com reports. They presently have a $14.00 target price on the technology company’s stock. B. Riley’s price objective points to a potential downside of 22.22% from the stock’s previous close.
Other research analysts also recently issued research reports about the company. William Blair restated a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Summit Redstone downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Morgan Stanley upgraded 8X8 from an “equal weight” rating to an “overweight” rating and set a $19.00 target price on the stock in a report on Wednesday, January 17th. Finally, Robert W. Baird reiterated a “buy” rating and set a $17.00 target price 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 stock. 8X8 has an average rating of “Buy” and a consensus target price of $18.60.
8X8 (NASDAQ:EGHT) opened at $18.00 on Tuesday. 8X8 has a twelve month low of $10.30 and a twelve month high of $18.50. The company has a market capitalization of $1,610.00, a PE ratio of -17.65 and a beta of 0.71.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, January 25th. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.06. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company had revenue of $75.58 million for the quarter, compared to the consensus estimate of $73.90 million. During the same quarter in the previous year, the business earned $0.06 EPS. 8X8’s revenue was up 18.7% compared to the same quarter last year. analysts expect that 8X8 will post -0.12 earnings per share for the current fiscal year.
In other news, insider Bryan R. Martin sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $17.86, for a total value of $1,786,000.00. Following the sale, the insider now directly owns 1,001,010 shares of the company’s stock, valued at approximately $17,878,038.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA lifted its position in 8X8 by 69.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 46,130 shares of the technology company’s stock valued at $623,000 after acquiring an additional 18,941 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of 8X8 by 4.5% during the 2nd 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 period. Paradigm Capital Management Inc. NY bought a new position in shares of 8X8 during the 3rd quarter valued at $940,000. GSA Capital Partners LLP lifted its holdings in shares of 8X8 by 280.7% during the 2nd 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 period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of 8X8 by 9.4% during the 2nd 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 period. 71.56% of the stock is currently owned by institutional investors and hedge funds.
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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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