8×8 Inc (NASDAQ:EGHT) has earned an average recommendation of “Buy” from the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $17.44.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a report on Monday, August 14th. BidaskClub raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. William Blair reissued a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Summit Redstone cut shares of 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Finally, B. Riley reaffirmed a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a report on Tuesday, October 24th.

Shares of 8X8 (EGHT) traded down $0.15 during trading hours on Thursday, hitting $14.05. 486,300 shares of the company’s stock were exchanged, compared to its average volume of 740,475. 8X8 has a 52 week low of $10.30 and a 52 week high of $16.80.

8X8 (NASDAQ:EGHT) last issued its earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. The company had revenue of $72.48 million for the quarter, compared to analysts’ expectations of $71.65 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share. sell-side analysts anticipate that 8X8 will post -0.12 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. Pinebridge Investments L.P. increased its holdings in shares of 8X8 by 1.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after acquiring an additional 209 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of 8X8 by 1.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 16,812 shares of the technology company’s stock worth $245,000 after acquiring an additional 276 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of 8X8 by 0.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 37,300 shares of the technology company’s stock worth $543,000 after acquiring an additional 300 shares during the period. Arizona State Retirement System increased its holdings in shares of 8X8 by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 47,735 shares of the technology company’s stock worth $695,000 after acquiring an additional 400 shares during the period. Finally, Amalgamated Bank increased its stake in 8X8 by 5.0% during the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock valued at $179,000 after buying an additional 581 shares during the period. 71.59% of the stock is currently owned by institutional investors and hedge funds.

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8X8 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.

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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