8×8, Inc. (EGHT) Receives $19.22 Consensus Target Price from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given a consensus recommendation of “Buy” by the fifteen research firms that are covering the stock, Marketbeat reports. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $19.22.

Several equities analysts have recently commented on EGHT shares. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective (up from $19.00) on shares of 8X8 in a report on Friday, March 16th. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a report on Tuesday, March 27th. BidaskClub upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, February 16th. TheStreet lowered shares of 8X8 from a “c” rating to a “d” rating in a report on Thursday, January 25th. Finally, Bank of America upped their price objective on shares of 8X8 from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, January 26th.

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NASDAQ:EGHT opened at $18.55 on Wednesday. 8X8 has a 1-year low of $10.30 and a 1-year high of $20.25.

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

In other 8X8 news, insider Dejan Deklich sold 9,300 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $19.70, for a total transaction of $183,210.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Darren J. Hakeman sold 8,000 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 62,886 shares in the company, valued at $1,161,504.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,300 shares of company stock worth $2,116,970. 4.40% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. American International Group Inc. lifted its holdings in 8X8 by 5.7% during the 3rd quarter. American International Group Inc. now owns 70,361 shares of the technology company’s stock worth $950,000 after buying an additional 3,804 shares in the last quarter. Rhumbline Advisers lifted its holdings in 8X8 by 2.5% during the 3rd quarter. Rhumbline Advisers now owns 176,305 shares of the technology company’s stock worth $2,380,000 after buying an additional 4,255 shares in the last quarter. Moody Aldrich Partners LLC lifted its holdings in 8X8 by 12.5% during the 4th quarter. Moody Aldrich Partners LLC now owns 59,364 shares of the technology company’s stock worth $837,000 after buying an additional 6,618 shares in the last quarter. Swiss National Bank lifted its holdings in 8X8 by 4.8% during the 4th quarter. Swiss National Bank now owns 156,400 shares of the technology company’s stock worth $2,205,000 after buying an additional 7,200 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in 8X8 by 3.6% during the 4th quarter. California Public Employees Retirement System now owns 217,824 shares of the technology company’s stock worth $3,071,000 after buying an additional 7,572 shares in the last quarter. Institutional investors own 71.56% of the company’s stock.

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About 8X8

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.

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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