Stephens Reaffirms “Buy” Rating for 8X8 (EGHT)
8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating reissued by equities researchers at Stephens in a research note issued to investors on Tuesday, AnalystRatings.com reports. They presently have a $27.00 target price on the technology company’s stock. Stephens’ price objective would suggest a potential upside of 13.78% from the stock’s previous close.
The analysts wrote, “We reiterate our Overweight/Vol. rating on improving execution and channel sales growth, and are buyers on the dip as the outlook appears conservative given improved near-term metrics.””
A number of other analysts have also recently weighed in on EGHT. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Friday, January 18th. Needham & Company LLC decreased their price target on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. BidaskClub cut shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.50 price target on shares of 8X8 in a research report on Thursday, January 31st. Finally, Guggenheim began coverage on shares of 8X8 in a research report on Monday, March 11th. They set a “neutral” rating and a $20.00 price target for the company. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. 8X8 has an average rating of “Buy” and an average price target of $23.27.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, May 14th. The technology company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $93.80 million for the quarter, compared to analysts’ expectations of $92.98 million. During the same period last year, the business posted ($0.03) earnings per share. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year.
In other 8X8 news, EVP Dejan Deklich sold 36,136 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $22.06, for a total value of $797,160.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.40% of the company’s stock.
Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC lifted its holdings in 8X8 by 81.5% in the 3rd quarter. AQR Capital Management LLC now owns 121,105 shares of the technology company’s stock worth $2,573,000 after buying an additional 54,379 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of 8X8 by 4.0% in the 4th quarter. State of Alaska Department of Revenue now owns 31,901 shares of the technology company’s stock valued at $575,000 after purchasing an additional 1,236 shares in the last quarter. Emancipation Management LLC acquired a new stake in shares of 8X8 in the 4th quarter valued at about $198,000. Massachusetts Financial Services Co. MA raised its stake in shares of 8X8 by 22.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,795,968 shares of the technology company’s stock valued at $32,400,000 after purchasing an additional 326,785 shares in the last quarter. Finally, LPL Financial LLC acquired a new stake in shares of 8X8 in the 3rd quarter valued at about $517,000. Hedge funds and other institutional investors own 71.56% of the company’s stock.
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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