8X8 (EGHT) Trading Up 5.3%

8×8, Inc. (NASDAQ:EGHT) shares were up 5.3% on Tuesday . The stock traded as high as $19.85 and last traded at $19.80. Approximately 847,472 shares traded hands during trading, a decline of 9% from the average daily volume of 930,629 shares. The stock had previously closed at $18.80.

Several research analysts have recently weighed in on EGHT shares. CIBC started coverage on shares of 8X8 in a research note on Thursday, April 19th. They set an “outperform” rating on the stock. BidaskClub lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 29th. Bank of America lowered shares of 8X8 from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $22.00 to $23.00 in a research note on Friday, May 25th. Zacks Investment Research lowered shares of 8X8 from a “hold” rating to a “strong sell” rating in a research note on Friday, June 1st. Finally, Oppenheimer started coverage on shares of 8X8 in a research note on Thursday, April 19th. They set an “outperform” rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.00.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, May 24th. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company had revenue of $79.30 million during the quarter, compared to analyst estimates of $76.97 million. During the same quarter in the previous year, the business earned $0.05 EPS. The firm’s revenue was up 19.2% on a year-over-year basis. sell-side analysts predict that 8×8, Inc. will post -0.12 earnings per share for the current year.

In related news, CEO Vikram Verma acquired 7,700 shares of the business’s stock in a transaction that occurred on Wednesday, May 30th. The shares were acquired at an average cost of $18.21 per share, with a total value of $140,217.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Massachusetts Financial Services Co. MA bought a new stake in 8X8 in the 1st quarter valued at $32,869,000. Alkeon Capital Management LLC bought a new stake in 8X8 in the 1st quarter valued at $19,344,000. Millennium Management LLC lifted its position in 8X8 by 2,952.5% in the 4th quarter. Millennium Management LLC now owns 1,055,821 shares of the technology company’s stock valued at $14,887,000 after acquiring an additional 1,021,232 shares in the last quarter. Park West Asset Management LLC bought a new stake in 8X8 in the 1st quarter valued at $18,836,000. Finally, Point72 Asset Management L.P. lifted its position in 8X8 by 40.2% in the 1st quarter. Point72 Asset Management L.P. now owns 2,315,600 shares of the technology company’s stock valued at $43,186,000 after acquiring an additional 664,500 shares in the last quarter. 71.56% of the stock is currently owned by institutional investors and hedge funds.

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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