8X8 (NASDAQ:EGHT) Shares Gap Down to $24.17

Shares of 8×8, Inc. (NASDAQ:EGHT) gapped down before the market opened on Thursday . The stock had previously closed at $23.65, but opened at $24.17. 8X8 shares last traded at $24.47, with a volume of 24,785 shares traded.

EGHT has been the subject of several recent analyst reports. Northland Securities restated a “buy” rating and set a $28.00 target price on shares of 8X8 in a research note on Thursday, July 18th. Needham & Company LLC boosted their target price on 8X8 from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Morgan Stanley boosted their target price on 8X8 from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday. BidaskClub upgraded 8X8 from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. Finally, Dougherty & Co upgraded 8X8 from a “neutral” rating to a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $25.50.

The business has a 50-day moving average of $24.76.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.15. The firm had revenue of $96.68 million for the quarter, compared to analyst estimates of $95.88 million. The company’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period last year, the firm earned ($0.04) EPS.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Geode Capital Management LLC increased its position in 8X8 by 12.8% during the fourth quarter. Geode Capital Management LLC now owns 1,031,910 shares of the technology company’s stock worth $18,614,000 after buying an additional 117,337 shares during the period. Principal Financial Group Inc. increased its position in 8X8 by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 774,282 shares of the technology company’s stock worth $13,968,000 after buying an additional 7,557 shares during the period. Bank of America Corp DE increased its position in 8X8 by 18.1% during the fourth quarter. Bank of America Corp DE now owns 196,230 shares of the technology company’s stock worth $3,540,000 after buying an additional 30,090 shares during the period. Metropolitan Life Insurance Co. NY increased its position in 8X8 by 383.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 30,026 shares of the technology company’s stock worth $542,000 after buying an additional 23,818 shares during the period. Finally, Municipal Employees Retirement System of Michigan acquired a new position in 8X8 during the fourth quarter worth approximately $487,000. 71.56% of the stock is currently owned by institutional investors.

About 8X8 (NASDAQ:EGHT)

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.

See Also: Economic Reports

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.