William Blair began coverage on shares of 8X8 (NASDAQ:EGHT) in a research report released on Wednesday morning, The Fly reports. The brokerage issued an outperform rating on the technology company’s stock.
A number of other brokerages have also recently commented on EGHT. Zacks Investment Research raised 8X8 from a strong sell rating to a hold rating in a research note on Wednesday, July 25th. BidaskClub raised 8X8 from a buy rating to a strong-buy rating in a research note on Friday, August 10th. B. Riley upped their price target on 8X8 from $16.00 to $22.00 and gave the company a neutral rating in a research note on Monday, July 30th. Stifel Nicolaus initiated coverage on 8X8 in a research note on Wednesday, July 11th. They issued a buy rating and a $25.00 price target for the company. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $25.00 price target on shares of 8X8 in a research note on Friday, July 27th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. 8X8 presently has an average rating of Buy and an average price target of $23.57.
NASDAQ:EGHT traded up $0.53 on Wednesday, hitting $18.32. 1,120,733 shares of the stock were exchanged, compared to its average volume of 869,790. 8X8 has a 52 week low of $12.00 and a 52 week high of $23.50.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Thursday, July 26th. The technology company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $83.20 million during the quarter, compared to analysts’ expectations of $81.02 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. As a group, sell-side analysts expect that 8X8 will post -0.12 EPS for the current year.
In other news, SVP Darren J. Hakeman sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $23.25, for a total value of $186,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in shares of 8X8 in the 2nd quarter valued at approximately $108,000. PNC Financial Services Group Inc. grew its position in shares of 8X8 by 352.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock valued at $147,000 after purchasing an additional 6,099 shares during the period. OppenheimerFunds Inc. acquired a new position in shares of 8X8 in the 2nd quarter valued at approximately $201,000. Laurion Capital Management LP acquired a new position in shares of 8X8 in the 2nd quarter valued at approximately $215,000. Finally, Sei Investments Co. grew its position in shares of 8X8 by 85.9% in the 1st quarter. Sei Investments Co. now owns 13,003 shares of the technology company’s stock valued at $243,000 after purchasing an additional 6,010 shares during the period. Institutional investors and hedge funds own 71.56% of the company’s stock.
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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