8×8 Inc (NASDAQ:EGHT) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other brokerages have also weighed in on EGHT. BidaskClub raised shares of 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research raised shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Craig Hallum lowered shares of 8×8 from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $19.00 to $15.00 in a research note on Friday, July 28th. Northland Securities set a $18.00 price objective on shares of 8×8 and gave the stock a “buy” rating in a research note on Friday, July 28th. Finally, B. Riley reissued a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research note on Tuesday, May 23rd. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $17.30.

Shares of 8×8 (EGHT) traded down 1.41% during trading on Friday, hitting $13.95. 430,701 shares of the stock traded hands. The firm’s market cap is $1.28 billion. 8×8 has a 12 month low of $10.30 and a 12 month high of $16.80. The company has a 50 day moving average price of $13.48 and a 200 day moving average price of $14.17.

8×8 (NASDAQ:EGHT) last announced its earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $69.10 million for the quarter, compared to the consensus estimate of $68.65 million. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 EPS. Analysts anticipate that 8×8 will post $0.07 earnings per share for the current fiscal year.

8×8 declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 25th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the technology company to purchase up to 28% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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In other news, CFO Mary Ellen P. Genovese bought 11,625 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was acquired at an average cost of $12.78 per share, with a total value of $148,567.50. Following the completion of the acquisition, the chief financial officer now owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vikram Verma bought 11,700 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average cost of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its position in shares of 8×8 by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 37,000 shares of the technology company’s stock valued at $564,000 after buying an additional 600 shares during the period. State of Alaska Department of Revenue boosted its position 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 valued at $153,000 after buying an additional 210 shares during the period. Profund Advisors LLC boosted its position in shares of 8×8 by 6.4% in the first quarter. Profund Advisors LLC now owns 71,491 shares of the technology company’s stock valued at $1,090,000 after buying an additional 4,316 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of 8×8 by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 126,146 shares of the technology company’s stock valued at $1,917,000 after buying an additional 8,143 shares during the period. Finally, Princeton Alpha Management LP boosted its position in shares of 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock valued at $231,000 after buying an additional 1,436 shares during the period. 70.01% of the stock is owned by institutional investors and hedge funds.

About 8×8

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.

Analyst Recommendations for 8x8 (NASDAQ:EGHT)

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