8×8 Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of “Buy” from Analysts
8×8 Inc. (NASDAQ:EGHT) has earned an average rating of “Buy” from the fourteen ratings firms that are presently covering the stock. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $14.55.
EGHT has been the subject of a number of recent analyst reports. Robert W. Baird initiated coverage on 8×8 in a report on Thursday, August 25th. They issued a “neutral” rating and a $15.00 price objective for the company. Zacks Investment Research downgraded 8×8 from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. Needham & Company LLC upped their price objective on 8×8 from $15.00 to $17.00 and gave the company a “buy” rating in a report on Friday, July 22nd. Dougherty & Co upped their price objective on 8×8 from $15.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Finally, B. Riley reiterated a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a report on Wednesday, July 20th.
Shares of 8×8 (NASDAQ:EGHT) traded down 1.07% during midday trading on Friday, hitting $14.86. The stock had a trading volume of 184,550 shares. The firm’s 50-day moving average is $14.29 and its 200 day moving average is $13.09. 8×8 has a one year low of $8.39 and a one year high of $15.67. The company’s market capitalization is $1.33 billion.
8×8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. 8×8 had a negative return on equity of 0.89% and a negative net margin of 2.34%. The business had revenue of $60 million for the quarter, compared to analyst estimates of $57.97 million. Equities analysts expect that 8×8 will post $0.20 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. Fox Run Management L.L.C. purchased a new position in 8×8 during the second quarter valued at $171,000. Capstone Asset Management Co. boosted its position in 8×8 by 14.5% in the second quarter. Capstone Asset Management Co. now owns 35,590 shares of the company’s stock valued at $520,000 after buying an additional 4,520 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in 8×8 by 117.0% in the second quarter. BNP Paribas Arbitrage SA now owns 27,862 shares of the company’s stock valued at $407,000 after buying an additional 15,020 shares in the last quarter. Royal Bank of Canada boosted its position in 8×8 by 10,490.6% in the first quarter. Royal Bank of Canada now owns 79,959 shares of the company’s stock valued at $805,000 after buying an additional 79,204 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in 8×8 by 5.7% in the first quarter. Legal & General Group Plc now owns 13,690 shares of the company’s stock valued at $136,000 after buying an additional 741 shares in the last quarter. 72.09% of the stock is owned by institutional investors.
8×8 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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