8X8 (NASDAQ:EGHT) Lifted to Buy at Dougherty & Co

Dougherty & Co upgraded shares of 8X8 (NASDAQ:EGHT) from a neutral rating to a buy rating in a research note published on Wednesday, The Fly reports.

Several other equities research analysts have also recently issued reports on the stock. Northland Securities reissued a buy rating and issued a $28.00 price objective on shares of 8X8 in a research report on Thursday, July 18th. Stephens reissued a buy rating and issued a $27.00 price objective on shares of 8X8 in a research report on Tuesday, May 14th. BidaskClub raised shares of 8X8 from a sell rating to a hold rating in a research report on Tuesday, July 2nd. B. Riley cut shares of 8X8 from a neutral rating to a sell rating and boosted their price objective for the company from $17.50 to $18.50 in a research report on Wednesday. Finally, Needham & Company LLC boosted their price objective on shares of 8X8 from $25.00 to $28.00 and gave the company a buy rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $26.11.

8X8 stock traded up $0.14 during trading hours on Wednesday, hitting $23.71. The company had a trading volume of 1,356,052 shares, compared to its average volume of 1,330,318. 8X8 has a 1 year low of $15.13 and a 1 year high of $26.67. The business’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 (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.15. The company had revenue of $96.68 million during the quarter, compared to analysts’ expectations of $95.88 million. 8X8’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period last year, the firm earned ($0.04) earnings per share.

Several large investors have recently bought and sold shares of EGHT. Geode Capital Management LLC boosted its stake in 8X8 by 12.8% during the 4th quarter. Geode Capital Management LLC now owns 1,031,910 shares of the technology company’s stock valued at $18,614,000 after purchasing an additional 117,337 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of 8X8 by 1.0% in the 4th 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 last quarter. Bank of America Corp DE boosted its stake in shares of 8X8 by 18.1% in the 4th 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 last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of 8X8 by 383.7% in the 4th 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 last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of 8X8 in the 4th quarter worth approximately $487,000. Institutional investors and hedge funds 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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