8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus recommendation of “Buy” from the fifteen ratings firms that are covering the company, Marketbeat reports. Six investment 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. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $18.89.
Several research firms recently commented on EGHT. BidaskClub upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, February 16th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Monday, January 29th. TheStreet downgraded shares of 8X8 from a “c” rating to a “d” rating in a research report on Thursday, January 25th. Bank of America increased their price objective on shares of 8X8 from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Finally, B. Riley reaffirmed a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a research report on Tuesday, January 23rd.
8X8 (NASDAQ:EGHT) traded up $0.10 during midday trading on Friday, reaching $19.90. 320,530 shares of the company traded hands, compared to its average volume of 1,032,439. 8X8 has a 52-week low of $10.30 and a 52-week high of $20.05. The stock has a market capitalization of $1,820.00, a price-to-earnings ratio of -25.51 and a beta of 0.67.
In other news, insider Bryan R. Martin sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $17.86, for a total transaction of $1,786,000.00. Following the completion of the sale, the insider now owns 1,001,010 shares of the company’s stock, valued at $17,878,038.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Darren J. Hakeman sold 8,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,161,504.42. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of 8X8 during the third quarter worth approximately $139,000. Elkfork Partners LLC acquired a new stake in shares of 8X8 during the fourth quarter worth approximately $150,000. Xact Kapitalforvaltning AB acquired a new stake in shares of 8X8 during the fourth quarter worth approximately $157,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of 8X8 during the third quarter worth approximately $169,000. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of 8X8 during the fourth quarter worth approximately $199,000. 71.56% of the stock is owned by institutional investors and hedge funds.
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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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