8×8, Inc. (EGHT) Given Consensus Recommendation of “Buy” by Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned a consensus recommendation of “Buy” from the twelve research firms that are covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $23.56.

EGHT has been the subject of several recent analyst reports. Dougherty & Co cut shares of 8X8 from a “buy” rating to a “neutral” rating and set a $21.95 price objective for the company. in a research note on Wednesday. BidaskClub cut shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.50 price objective on shares of 8X8 in a research note on Monday, March 25th. Bank of America boosted their price objective on shares of 8X8 from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Stephens reaffirmed a “buy” rating and set a $27.00 price objective on shares of 8X8 in a research note on Tuesday.

In other 8X8 news, EVP Dejan Deklich sold 36,136 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $22.06, for a total value of $797,160.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in EGHT. Buffington Mohr McNeal purchased a new position in 8X8 in the 1st quarter worth approximately $28,000. Oregon Public Employees Retirement Fund purchased a new position in 8X8 in the 4th quarter worth approximately $36,000. Bank of Montreal Can grew its stake in 8X8 by 21.9% in the 4th quarter. Bank of Montreal Can now owns 3,857 shares of the technology company’s stock worth $69,000 after buying an additional 692 shares in the last quarter. LS Investment Advisors LLC grew its stake in 8X8 by 108.0% in the 4th quarter. LS Investment Advisors LLC now owns 5,586 shares of the technology company’s stock worth $101,000 after buying an additional 2,901 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 8X8 by 31.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,407 shares of the technology company’s stock worth $116,000 after buying an additional 1,527 shares in the last quarter. 71.56% of the stock is owned by institutional investors and hedge funds.

NASDAQ:EGHT traded up $0.26 during mid-day trading on Friday, hitting $23.64. 1,330,421 shares of the stock traded hands, compared to its average volume of 1,310,123. 8X8 has a 12-month low of $15.13 and a 12-month high of $24.39.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, May 14th. The technology company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $93.80 million for the quarter, compared to the consensus estimate of $92.98 million. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.03) earnings per share.

About 8X8

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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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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