8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report issued on Friday, MarketBeat Ratings reports. They currently have a $22.00 target price on the technology company’s stock, up from their previous target price of $19.00. Needham & Company LLC’s price objective would indicate a potential upside of 11.96% from the stock’s previous close.
Other equities analysts also recently issued research reports about the company. TheStreet downgraded 8X8 from a “c” rating to a “d” rating in a report on Thursday, January 25th. BidaskClub upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, February 16th. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a report on Monday, January 29th. B. Riley increased their price objective on 8X8 from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Finally, William Blair reiterated a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. 8X8 presently has a consensus rating of “Buy” and a consensus target price of $18.90.
8X8 (NASDAQ:EGHT) opened at $19.65 on Friday. The stock has a market capitalization of $1,780.00, a price-to-earnings ratio of -25.19 and a beta of 0.67. 8X8 has a twelve month low of $10.30 and a twelve month high of $20.05.
8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, January 25th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.06. The business had revenue of $75.58 million during the quarter, compared to the consensus estimate of $73.90 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 earnings per share. equities analysts expect that 8X8 will post -0.12 earnings per share for the current fiscal year.
In other news, SVP Darren J. Hakeman sold 8,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $18.47, for a total transaction of $147,760.00. Following the completion of the transaction, the senior vice president now directly owns 62,886 shares in the company, valued at $1,161,504.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bryan R. Martin sold 100,000 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 1,001,010 shares of the company’s stock, valued at $17,878,038.60. The disclosure for this sale can be found here. Insiders have sold 117,300 shares of company stock valued at $2,116,970 over the last 90 days. Corporate insiders own 4.40% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of 8X8 by 3.0% during the fourth quarter. BlackRock Inc. now owns 11,255,584 shares of the technology company’s stock valued at $158,705,000 after acquiring an additional 332,590 shares in the last quarter. Hunt Lane Capital LP increased its holdings in shares of 8X8 by 17.7% during the fourth quarter. Hunt Lane Capital LP now owns 3,860,000 shares of the technology company’s stock valued at $54,426,000 after acquiring an additional 580,000 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of 8X8 by 10.9% during the fourth quarter. First Trust Advisors LP now owns 3,741,630 shares of the technology company’s stock valued at $52,757,000 after acquiring an additional 368,859 shares in the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of 8X8 by 0.9% during the third quarter. Stephens Investment Management Group LLC now owns 2,094,413 shares of the technology company’s stock valued at $28,275,000 after acquiring an additional 19,225 shares in the last quarter. Finally, Southpoint Capital Advisors LP increased its holdings in shares of 8X8 by 42.9% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,000,000 shares of the technology company’s stock valued at $28,200,000 after acquiring an additional 600,000 shares in the last quarter. Hedge funds and other institutional investors 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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