Brokerages Set 8×8 Inc. (EGHT) Price Target at $15.75
Shares of 8×8 Inc. (NASDAQ:EGHT) have been given an average recommendation of “Buy” by the eleven analysts that are covering the stock. Two investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $15.75.
Several brokerages have issued reports on EGHT. Dougherty & Co increased their target price on shares of 8×8 from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. B. Riley reiterated a “neutral” rating and set a $14.00 target price on shares of 8×8 in a report on Wednesday, July 20th. Zacks Investment Research cut shares of 8×8 from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. Finally, Needham & Company LLC increased their target price on shares of 8×8 from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, July 22nd.
A number of hedge funds have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC boosted its stake in 8×8 by 32.8% in the third quarter. Riverhead Capital Management LLC now owns 6,500 shares of the company’s stock worth $100,000 after buying an additional 1,605 shares during the period. US Bancorp DE raised its position in 8×8 by 10.5% in the second quarter. US Bancorp DE now owns 8,663 shares of the company’s stock worth $126,000 after buying an additional 825 shares in the last quarter. BlackRock Inc. raised its position in 8×8 by 38.3% in the second quarter. BlackRock Inc. now owns 8,868 shares of the company’s stock worth $130,000 after buying an additional 2,454 shares in the last quarter. Amalgamated Bank acquired a new position in 8×8 during the second quarter worth about $139,000. Finally, Bayesian Capital Management LP acquired a new position in 8×8 during the first quarter worth about $150,000. Institutional investors own 71.57% of the company’s stock.
8×8 (NASDAQ:EGHT) opened at 15.00 on Friday. The stock’s 50 day moving average is $14.69 and its 200 day moving average is $13.82. The stock’s market capitalization is $1.36 billion. 8×8 has a 12-month low of $9.01 and a 12-month high of $15.89.
8×8 (NASDAQ:EGHT) last issued its earnings results on Wednesday, October 26th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. 8×8 had a negative net margin of 1.39% and a negative return on equity of 0.35%. The company had revenue of $63.20 million for the quarter, compared to analysts’ expectations of $14.39 million. During the same period in the prior year, the business earned $0.03 EPS. The firm’s quarterly revenue was up 24.2% on a year-over-year basis. Equities analysts anticipate that 8×8 will post $0.20 EPS for the current fiscal year.
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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