8X8’s (EGHT) “Buy” Rating Reaffirmed at Stephens
Stephens restated their buy rating on shares of 8X8 (NASDAQ:EGHT) in a research report released on Tuesday morning, AnalystRatings.com reports. The firm currently has a $27.00 price objective on the technology company’s stock.
“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.”,” the firm’s analyst commented.
Several other research analysts also recently issued reports on EGHT. Zacks Investment Research upgraded shares of 8X8 from a sell rating to a hold rating in a research note on Thursday, March 21st. Rosenblatt Securities reaffirmed a buy rating and set a $22.50 target price on shares of 8X8 in a research note on Monday, March 25th. BidaskClub upgraded shares of 8X8 from a buy rating to a strong-buy rating in a research report on Tuesday, April 16th. Needham & Company LLC decreased their price objective on shares of 8X8 from $23.00 to $22.00 and set a buy rating for the company in a report on Wednesday, January 30th. Finally, Guggenheim initiated coverage on shares of 8X8 in a research report on Monday, March 11th. They issued a neutral rating and a $20.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $23.27.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Tuesday, May 14th. The technology company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). The business had revenue of $93.80 million for the quarter, compared to analyst estimates of $92.98 million. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) EPS.
In other news, EVP Dejan Deklich sold 36,136 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $22.06, for a total transaction of $797,160.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.40% of the company’s stock.
A number of large investors have recently made changes to their positions in EGHT. Oregon Public Employees Retirement Fund lifted its position in shares of 8X8 by 1.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 36,936 shares of the technology company’s stock worth $746,000 after acquiring an additional 667 shares during the period. Arizona State Retirement System increased its holdings in 8X8 by 0.5% during the 1st quarter. Arizona State Retirement System now owns 147,561 shares of the technology company’s stock valued at $2,981,000 after purchasing an additional 691 shares in the last quarter. Bank of Montreal Can increased its holdings in 8X8 by 21.9% during the 4th quarter. Bank of Montreal Can now owns 3,857 shares of the technology company’s stock valued at $69,000 after purchasing an additional 692 shares in the last quarter. Prudential Financial Inc. increased its holdings in 8X8 by 0.4% during the 4th quarter. Prudential Financial Inc. now owns 156,057 shares of the technology company’s stock valued at $2,815,000 after purchasing an additional 699 shares in the last quarter. Finally, American International Group Inc. increased its stake in shares of 8X8 by 1.0% in the 4th quarter. American International Group Inc. now owns 73,123 shares of the technology company’s stock valued at $1,319,000 after buying an additional 720 shares during the period. 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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