8×8, Inc. (NASDAQ:EGHT) SVP Darren J. Hakeman sold 8,000 shares of the stock in a transaction dated 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 directly owns 62,886 shares in the company, valued at $1,161,504.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
8×8, Inc. (EGHT) opened at $18.55 on Friday. The firm has a market cap of $1,710.00, a PE ratio of -23.78 and a beta of 0.71. 8×8, Inc. has a 12 month low of $10.30 and a 12 month high of $19.13.
8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, January 25th. The technology company reported $0.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.06. The firm 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 quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company posted $0.06 EPS. analysts predict that 8×8, Inc. will post -0.12 EPS for the current year.
Several equities research analysts have recently issued reports on the stock. TheStreet lowered shares of 8X8 from a “c” rating to a “d” rating in a research note on Thursday, January 25th. Needham & Company LLC reissued a “buy” rating and set a $19.00 target price (up from $16.00) on shares of 8X8 in a research note on Friday, January 26th. B. Riley increased their target price on shares of 8X8 from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Monday, January 29th. Finally, BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 16th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $18.60.
Institutional investors have recently modified their holdings of the stock. BNP Paribas Arbitrage SA lifted its stake in 8X8 by 69.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 46,130 shares of the technology company’s stock valued at $623,000 after buying an additional 18,941 shares in the last quarter. Vanguard Group Inc. lifted its stake in 8X8 by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock valued at $72,362,000 after buying an additional 213,257 shares in the last quarter. Paradigm Capital Management Inc. NY purchased a new position in 8X8 in the 3rd quarter valued at about $940,000. Kornitzer Capital Management Inc. KS lifted its stake in 8X8 by 273.4% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 575,065 shares of the technology company’s stock valued at $7,763,000 after buying an additional 421,065 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in 8X8 by 9.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 254,605 shares of the technology company’s stock valued at $3,704,000 after buying an additional 21,879 shares in the last quarter. 71.56% of the stock is currently owned by hedge funds and other institutional investors.
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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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