Oppenheimer Analysts Give 8X8 (NASDAQ:EGHT) a $29.00 Price Target

8X8 (NASDAQ:EGHT) has been assigned a $29.00 price target by investment analysts at Oppenheimer in a research note issued to investors on Wednesday, TipRanks reports. The firm presently has a “buy” rating on the technology company’s stock. Oppenheimer’s price objective points to a potential upside of 22.31% from the company’s current price.

EGHT has been the subject of several other research reports. Northland Securities reiterated a “buy” rating and issued a $28.00 price objective on shares of 8X8 in a report on Thursday, July 18th. Dougherty & Co upgraded 8X8 from a “neutral” rating to a “buy” rating in a report on Wednesday. Morgan Stanley increased their price objective on 8X8 from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday. Stephens reiterated a “buy” rating and issued a $27.00 price objective on shares of 8X8 in a report on Tuesday, May 14th. Finally, BidaskClub upgraded 8X8 from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $26.11.

NASDAQ EGHT traded up $0.14 on Wednesday, hitting $23.71. The company’s stock had a trading volume of 1,344,792 shares, compared to its average volume of 1,330,318. 8X8 has a 52-week low of $15.13 and a 52-week high of $26.67. The firm’s 50-day simple moving average is $24.74.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.15. The business had revenue of $96.68 million during the quarter, compared to analysts’ expectations of $95.88 million. During the same quarter last year, the business posted ($0.04) EPS. The company’s quarterly revenue was up 16.2% compared to the same quarter last year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Swiss National Bank lifted its position in shares of 8X8 by 2.3% in the second quarter. Swiss National Bank now owns 177,900 shares of the technology company’s stock valued at $4,287,000 after acquiring an additional 4,000 shares in the last quarter. Envestnet Asset Management Inc. purchased a new position in shares of 8X8 in the second quarter valued at about $209,000. Stephens Inc. AR purchased a new position in shares of 8X8 in the second quarter valued at about $241,000. Kornitzer Capital Management Inc. KS lifted its position in shares of 8X8 by 7.8% in the second quarter. Kornitzer Capital Management Inc. KS now owns 1,193,764 shares of the technology company’s stock valued at $28,770,000 after acquiring an additional 86,849 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan lifted its position in shares of 8X8 by 2.3% in the second quarter. Municipal Employees Retirement System of Michigan now owns 28,610 shares of the technology company’s stock valued at $690,000 after acquiring an additional 650 shares in the last quarter. Institutional investors own 71.56% of the company’s stock.

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.

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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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