8X8 (NASDAQ:EGHT) Receives “Buy” Rating from Northland Securities

Northland Securities reaffirmed their buy rating on shares of 8X8 (NASDAQ:EGHT) in a report released on Thursday morning, AnalystRatings.com reports. Northland Securities currently has a $28.00 target price on the technology company’s stock.

“We believe the number of use cases for API/CPaaS is almost limitless, helping to generate the market growth. Among the categories we cover of API/CPaaS is the fastest grower we believe. 8×8 can now offer API/CPaaS via its own technology. API/CPaaS can also be complementary to CCaaS customers. API/CPaaS enables 8×8 to more quickly capture customers than a UCaaS or CCaaS sale cycle might; although the buyers within companies to date have often been different people. 8×8 highlights growth acceleration, expansion internationally and deepening of tech expertise as rationales for the acquisition. We’d expect 8×8’s scale, R&D and global reach to help Wavecell as well. Transaction. 8×8 is paying $125 million ($69 mil cash, $59 mil stock) for Wavecell, or under 4x CY19 revs.”,” the firm’s analyst commented.

A number of other equities research analysts have also weighed in on the company. Stephens reiterated a buy rating and issued a $27.00 price objective on shares of 8X8 in a research report on Tuesday, May 14th. Rosenblatt Securities reiterated a buy rating and issued a $105.00 price objective on shares of RingCentral in a research report on Monday, March 25th. Bank of America reiterated a buy rating on shares of Continental in a research report on Wednesday, May 15th. Needham & Company LLC reiterated a buy rating and issued a $87.00 price objective on shares of LivaNova in a research report on Wednesday, May 15th. Finally, BidaskClub upgraded Zillow Group from a buy rating to a strong-buy rating in a research report on Tuesday, July 2nd. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. 8X8 has a consensus rating of Hold and a consensus target price of $24.85.

Shares of EGHT stock opened at $24.67 on Thursday. 8X8 has a fifty-two week low of $15.13 and a fifty-two week high of $25.93. The stock has a 50 day simple moving average of $24.45.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, May 14th. The technology company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). The firm had revenue of $93.80 million during the quarter, compared to analysts’ expectations of $92.98 million. The business’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.03) EPS.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted its position in shares of 8X8 by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 36,936 shares of the technology company’s stock valued at $746,000 after purchasing an additional 667 shares in the last quarter. Arizona State Retirement System boosted its position in shares of 8X8 by 0.5% during the first quarter. Arizona State Retirement System now owns 147,561 shares of the technology company’s stock valued at $2,981,000 after purchasing an additional 691 shares in the last quarter. American International Group Inc. boosted its position in shares of 8X8 by 1.0% during the fourth quarter. American International Group Inc. now owns 73,123 shares of the technology company’s stock valued at $1,319,000 after purchasing an additional 720 shares in the last quarter. Creative Planning boosted its position in shares of 8X8 by 0.4% during the first quarter. Creative Planning now owns 245,099 shares of the technology company’s stock valued at $4,951,000 after purchasing an additional 1,007 shares in the last quarter. Finally, Mason Street Advisors LLC boosted its position in shares of 8X8 by 3.7% during the first quarter. Mason Street Advisors LLC now owns 30,720 shares of the technology company’s stock valued at $621,000 after purchasing an additional 1,102 shares in the last quarter. Institutional investors own 71.56% of the company’s stock.

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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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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