8×8 Inc (EGHT) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research cut shares of 8×8 Inc (NASDAQ:EGHT) from a hold rating to a sell rating in a report released on Wednesday morning.
According to Zacks, “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 software platform brings together cloud, mobile, collaboration, video and data science technologies. It provides 8×8 Virtual Office, a voice as a service with a robust business feature set; 8×8 Virtual Office Pro software that enables employees and workgroups to communicate with each other using chat or text messages sent via the short message service; and 8×8 Virtual Contact Center, a voice, chat, voicemail, and email call center. The company integrates its services with third-party applications and platforms, including enterprise resource planning, customer relations management, human capital management, and other proprietary application suites. It markets its services to end users through direct sales force, Website, and channel partners. “
A number of other equities analysts have also recently issued reports on the company. BidaskClub upgraded 8×8 from a hold rating to a buy rating in a report on Saturday, June 24th. William Blair reiterated a hold rating on shares of 8×8 in a report on Sunday, July 30th. Northland Securities set a $18.00 price objective on 8×8 and gave the stock a buy rating in a report on Friday, July 28th. ValuEngine upgraded 8×8 from a sell rating to a hold rating in a report on Tuesday, June 6th. Finally, Craig Hallum cut 8×8 from a buy rating to a hold rating and dropped their target price for the company from $19.00 to $15.00 in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $17.30.
8×8 (NASDAQ EGHT) traded up 0.36% on Wednesday, reaching $14.10. The company’s stock had a trading volume of 160,327 shares. The firm’s market cap is $1.29 billion. 8×8 has a 12 month low of $10.30 and a 12 month high of $16.80. The firm has a 50 day moving average of $13.55 and a 200 day moving average of $13.98.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $69.10 million during the quarter, compared to analysts’ expectations of $68.65 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. 8×8’s revenue for the quarter was up 15.1% compared to the same quarter last year. Analysts anticipate that 8×8 will post $0.07 earnings per share for the current year.
In other news, CEO Vikram Verma bought 11,700 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average price of $12.80 per share, with a total value of $149,760.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mary Ellen P. Genovese bought 11,625 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average cost of $12.78 per share, with a total value of $148,567.50. Following the transaction, the chief financial officer now directly owns 92,106 shares in the company, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in EGHT. Public Employees Retirement System of Ohio increased its position in 8×8 by 16.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 107,028 shares of the technology company’s stock valued at $1,557,000 after buying an additional 14,838 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in 8×8 during the 2nd quarter valued at approximately $288,000. Southpoint Capital Advisors LP bought a new position in 8×8 during the 2nd quarter valued at approximately $7,275,000. State Street Corp increased its position in 8×8 by 4.8% during the 2nd quarter. State Street Corp now owns 2,226,356 shares of the technology company’s stock valued at $32,388,000 after buying an additional 101,136 shares in the last quarter. Finally, Hunt Lane Capital LP bought a new position in 8×8 during the 2nd quarter valued at approximately $36,375,000. 69.48% of the stock is owned by hedge funds and other 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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