8×8 Inc (EGHT) Receives $17.44 Consensus Price Target from Brokerages

Shares of 8×8 Inc (NASDAQ:EGHT) have been assigned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $17.44.

A number of brokerages recently issued reports on EGHT. Zacks Investment Research downgraded 8×8 from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. B. Riley restated a “neutral” rating and set a $14.00 price target on shares of 8×8 in a report on Wednesday, July 19th. William Blair restated a “hold” rating on shares of 8×8 in a report on Sunday, July 30th. Deutsche Bank AG boosted their price target on 8×8 from $23.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, May 30th. Finally, Dougherty & Co reduced their price target on 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, May 23rd.

In other news, CEO Vikram Verma acquired 11,700 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were acquired at an average cost of $12.80 per share, with a total value of $149,760.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mary Ellen P. Genovese acquired 11,625 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were purchased at an average cost of $12.78 per share, for a total transaction of $148,567.50. Following the completion of the transaction, the chief financial officer now owns 92,106 shares in the company, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank boosted its position in shares of 8×8 by 2.8% in the 1st quarter. Swiss National Bank now owns 149,200 shares of the technology company’s stock worth $2,275,000 after purchasing an additional 4,100 shares in the last quarter. Summit Partners Public Asset Management LLC bought a new stake in shares of 8×8 in the 1st quarter worth approximately $3,508,000. Municipal Employees Retirement System of Michigan boosted its position in shares of 8×8 by 4.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 21,650 shares of the technology company’s stock worth $315,000 after purchasing an additional 1,010 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of 8×8 by 6.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 126,146 shares of the technology company’s stock worth $1,917,000 after purchasing an additional 8,143 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of 8×8 by 2,730.2% in the 1st quarter. Alliancebernstein L.P. now owns 3,662,760 shares of the technology company’s stock worth $55,857,000 after purchasing an additional 3,533,344 shares in the last quarter. 69.48% of the stock is currently owned by hedge funds and other institutional investors.

8×8 (NASDAQ:EGHT) traded down 1.09% during midday trading on Friday, hitting $13.65. The company’s stock had a trading volume of 425,154 shares. The company’s market cap is $1.25 billion. 8×8 has a 52-week low of $10.30 and a 52-week high of $16.80. The stock has a 50 day moving average of $13.42 and a 200 day moving average of $14.07.

8×8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The business had revenue of $69.10 million for the quarter, compared to analysts’ expectations of $68.65 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts expect that 8×8 will post $0.07 EPS for the current year.

8×8 announced that its board has authorized a stock buyback plan on Thursday, May 25th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 28% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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About 8×8

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.

Analyst Recommendations for 8x8 (NASDAQ:EGHT)

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