Northland Securities reiterated their buy rating on shares of 8X8 (NYSE:EGHT) in a report published on Wednesday, TipRanks reports. The brokerage currently has a $23.00 price target on the technology company’s stock.
EGHT has been the topic of several other research reports. Zacks Investment Research downgraded 8X8 from a buy rating to a hold rating in a research note on Friday, June 5th. Stephens reissued a buy rating on shares of 8X8 in a research note on Wednesday. Robert W. Baird dropped their price target on 8X8 from $29.00 to $23.00 and set an outperform rating on the stock in a research note on Wednesday, May 13th. Morgan Stanley dropped their price target on 8X8 from $21.00 to $17.00 and set an equal weight rating on the stock in a research note on Tuesday. Finally, Rosenblatt Securities dropped their price target on 8X8 from $19.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $21.71.
Shares of EGHT stock traded up $0.13 during trading hours on Wednesday, reaching $14.49. The company had a trading volume of 99,462 shares, compared to its average volume of 1,962,531. The company has a 50 day moving average of $16.22 and a 200 day moving average of $17.64. The company has a debt-to-equity ratio of 2.01, a current ratio of 2.25 and a quick ratio of 2.25. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -8.28 and a beta of 0.96. 8X8 has a 1-year low of $10.70 and a 1-year high of $26.67.
8X8 (NYSE:EGHT) last posted its quarterly earnings results on Tuesday, May 12th. The technology company reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.02. The company had revenue of $121.48 million for the quarter, compared to the consensus estimate of $119.33 million. 8X8 had a negative return on equity of 57.92% and a negative net margin of 38.63%. The firm’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) EPS. As a group, sell-side analysts forecast that 8X8 will post -1.03 EPS for the current fiscal year.
In related news, CFO Steven Gatoff sold 2,062 shares of the business’s stock in a transaction on Friday, April 24th. The shares were sold at an average price of $16.65, for a total value of $34,332.30. Following the sale, the chief financial officer now owns 26,234 shares of the company’s stock, valued at $436,796.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Dejan Deklich sold 7,981 shares of the company’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $14.16, for a total transaction of $113,010.96. Following the sale, the executive vice president now directly owns 49,438 shares in the company, valued at approximately $700,042.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,613 shares of company stock worth $190,134. Insiders own 3.00% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in EGHT. Front Row Advisors LLC acquired a new position in shares of 8X8 during the first quarter valued at about $26,000. NumerixS Investment Technologies Inc acquired a new position in shares of 8X8 during the fourth quarter valued at about $35,000. Tower Research Capital LLC TRC raised its holdings in shares of 8X8 by 1,690.5% during the first quarter. Tower Research Capital LLC TRC now owns 3,384 shares of the technology company’s stock valued at $47,000 after purchasing an additional 3,195 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of 8X8 by 24.1% during the first quarter. Mutual of America Capital Management LLC now owns 4,491 shares of the technology company’s stock valued at $62,000 after purchasing an additional 871 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in shares of 8X8 by 786.1% during the first quarter. Nisa Investment Advisors LLC now owns 7,000 shares of the technology company’s stock valued at $97,000 after purchasing an additional 6,210 shares during the period. Hedge funds and other institutional investors own 98.39% 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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