BidaskClub upgraded shares of 8X8 (NASDAQ:EGHT) from a buy rating to a strong-buy rating in a research note issued to investors on Friday.
A number of other brokerages have also recently weighed in on EGHT. Robert W. Baird reiterated a buy rating and issued a $21.00 price target on shares of 8X8 in a research report on Friday, January 26th. B. Riley reiterated a hold rating and issued a $14.00 price target on shares of 8X8 in a research report on Tuesday, October 24th. William Blair reiterated a hold rating on shares of 8X8 in a research report on Friday, November 17th. Morgan Stanley upgraded 8X8 from an equal weight rating to an overweight rating and set a $19.00 price target on the stock in a research report on Wednesday, January 17th. Finally, Zacks Investment Research cut 8X8 from a hold rating to a sell rating in a research report on Tuesday, January 16th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. 8X8 presently has an average rating of Buy and a consensus target price of $18.60.
Shares of 8X8 (EGHT) traded up $0.10 during trading hours on Friday, reaching $18.50. The company’s stock had a trading volume of 762,119 shares, compared to its average volume of 1,132,101. 8X8 has a 52-week low of $10.30 and a 52-week high of $18.75. The company has a market capitalization of $1,660.00, a PE ratio of -18.14 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 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 firm 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 business posted $0.06 earnings per share. The business’s revenue was up 18.7% compared to the same quarter last year. sell-side analysts forecast that 8X8 will post -0.12 earnings per share for the current year.
In other news, insider Bryan R. Martin sold 100,000 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $17.86, for a total transaction of $1,786,000.00. Following the sale, the insider now owns 1,001,010 shares in the company, valued at $17,878,038.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its holdings in shares of 8X8 by 69.7% during 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 last quarter. Vanguard Group Inc. grew its holdings in shares of 8X8 by 4.5% during the second 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 during the last quarter. Paradigm Capital Management Inc. NY bought a new stake in shares of 8X8 during the third quarter worth $940,000. Kornitzer Capital Management Inc. KS grew its holdings in shares of 8X8 by 273.4% during the third quarter. Kornitzer Capital Management Inc. KS now owns 575,065 shares of the technology company’s stock worth $7,763,000 after purchasing an additional 421,065 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of 8X8 by 9.4% during the second 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 during the last quarter. Institutional investors own 71.56% of the company’s stock.
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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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