8X8 (NASDAQ:EGHT) had its target price lifted by stock analysts at Bank of America from $23.00 to $25.00 in a research report issued on Wednesday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the technology company’s stock. Bank of America‘s price objective points to a potential upside of 7.48% from the company’s current price.
A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC raised their price target on shares of 8X8 from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday. Dougherty & Co lowered shares of 8X8 from a “buy” rating to a “neutral” rating and set a $21.95 price target on the stock. in a report on Wednesday. Stephens reissued a “buy” rating and issued a $27.00 price target on shares of 8X8 in a report on Tuesday. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $22.50 price target on shares of 8X8 in a report on Monday, March 25th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $23.27.
NASDAQ:EGHT traded down $0.47 during trading hours on Wednesday, reaching $23.26. The company’s stock had a trading volume of 58,655 shares, compared to its average volume of 1,250,061. 8X8 has a 1 year low of $15.13 and a 1 year high of $24.39.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, May 14th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The business had revenue of $93.80 million for the quarter, compared to analyst estimates of $92.98 million. The firm’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) earnings per share.
In other news, EVP Dejan Deklich sold 36,136 shares of 8X8 stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $22.06, for a total transaction of $797,160.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Buffington Mohr McNeal bought a new stake in 8X8 during the first quarter worth about $28,000. Oregon Public Employees Retirement Fund bought a new stake in 8X8 during the fourth quarter worth about $36,000. Bank of Montreal Can boosted its stake in 8X8 by 21.9% during the fourth quarter. Bank of Montreal Can now owns 3,857 shares of the technology company’s stock worth $69,000 after acquiring an additional 692 shares in the last quarter. LS Investment Advisors LLC boosted its stake in 8X8 by 108.0% during the fourth quarter. LS Investment Advisors LLC now owns 5,586 shares of the technology company’s stock worth $101,000 after acquiring an additional 2,901 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 8X8 by 31.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,407 shares of the technology company’s stock worth $116,000 after acquiring an additional 1,527 shares in the last quarter. 71.56% of the stock is currently owned by hedge funds and other institutional investors.
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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