8×8, Inc. (EGHT) Given Consensus Rating of “Buy” by Analysts

8×8, Inc. (NASDAQ:EGHT) has received a consensus rating of “Buy” from the thirteen analysts that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $23.67.

Several brokerages have recently commented on EGHT. Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a research note on Wednesday. B. Riley increased their price objective on 8X8 from $16.00 to $22.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. BidaskClub downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Stifel Nicolaus began coverage on 8X8 in a research note on Wednesday, July 11th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Bank of America reissued a “neutral” rating on shares of 8X8 in a research note on Saturday, June 2nd.

Shares of 8X8 stock opened at $21.35 on Thursday. 8X8 has a 52 week low of $12.00 and a 52 week high of $23.50.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, July 26th. The technology company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $83.20 million during the quarter, compared to the consensus estimate 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 prior year, the business posted $0.02 earnings per share. analysts anticipate that 8X8 will post -0.12 EPS for the current fiscal year.

In other news, SVP Darren J. Hakeman sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $23.25, for a total value of $186,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in EGHT. BlackRock Inc. grew its holdings in shares of 8X8 by 13.2% in the second quarter. BlackRock Inc. now owns 12,987,725 shares of the technology company’s stock valued at $260,403,000 after acquiring an additional 1,517,513 shares in the last quarter. Alkeon Capital Management LLC bought a new position in shares of 8X8 in the first quarter valued at approximately $19,344,000. Park West Asset Management LLC bought a new position in shares of 8X8 in the first quarter valued at approximately $18,836,000. Point72 Asset Management L.P. grew its holdings in shares of 8X8 by 35.0% in the second quarter. Point72 Asset Management L.P. now owns 3,126,500 shares of the technology company’s stock valued at $62,686,000 after acquiring an additional 810,900 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of 8X8 by 17.4% in the second quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock valued at $94,739,000 after acquiring an additional 700,508 shares in the last quarter. 71.56% of the stock is owned by institutional investors.

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.

Further Reading: How to Calculate Compound Annual Growth Rate (CAGR)

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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