Vikram Verma Buys 11,700 Shares of 8×8 Inc (NASDAQ:EGHT) Stock
8×8 Inc (NASDAQ:EGHT) CEO Vikram Verma purchased 11,700 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were purchased at an average cost of $12.80 per share, for a total transaction of $149,760.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
8×8 Inc (NASDAQ EGHT) traded down 0.75% during trading on Friday, hitting $13.20. 1,193,645 shares of the company traded hands. The company’s market capitalization is $1.21 billion. The stock has a 50 day moving average price of $13.73 and a 200 day moving average price of $14.33. 8×8 Inc has a 12-month low of $10.30 and a 12-month high of $16.80.
8×8 (NASDAQ:EGHT) last released its earnings results on Thursday, July 27th. The technology company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.01. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The business had revenue of $69.10 million for the quarter, compared to the consensus estimate of $68.65 million. During the same quarter in the previous year, the firm earned $0.04 earnings per share. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts anticipate that 8×8 Inc will post $0.07 earnings per share for the current year.
8×8 announced that its Board of Directors has initiated a share buyback plan on Thursday, May 25th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 28% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
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A number of large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. purchased a new stake in shares of 8×8 during the first quarter worth about $116,000. Riverhead Capital Management LLC boosted its stake in shares of 8×8 by 85.4% in the second quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock worth $132,000 after buying an additional 4,184 shares in the last quarter. Flinton Capital Management LLC boosted its stake in shares of 8×8 by 84.8% in the second quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock worth $133,000 after buying an additional 4,182 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock worth $153,000 after buying an additional 210 shares in the last quarter. Finally, Pinebridge Investments L.P. boosted its stake in shares of 8×8 by 1.8% in the second quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after buying an additional 209 shares in the last quarter. Institutional investors and hedge funds own 70.17% of the company’s stock.
Several analysts have issued reports on the stock. Zacks Investment Research raised shares of 8×8 from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. BidaskClub raised shares of 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. William Blair reaffirmed a “hold” rating on shares of 8×8 in a research report on Sunday, July 30th. B. Riley reaffirmed a “neutral” rating and set a $14.00 price target on shares of 8×8 in a research report on Saturday, July 29th. Finally, Craig Hallum downgraded shares of 8×8 from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $15.00 in a report on Friday, July 28th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $17.30.
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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