8X8 (NASDAQ:EGHT) Price Target Increased to $28.00 by Analysts at Bank of America

8X8 (NASDAQ:EGHT) had its price objective increased by Bank of America from $25.00 to $28.00 in a report published on Wednesday, BenzingaRatingsTable reports. They currently have a neutral rating on the technology company’s stock.

EGHT has been the topic of a number of other research reports. Rosenblatt Securities reissued a neutral rating and issued a $27.00 price objective (up previously from $22.50) on shares of 8X8 in a research note on Wednesday, July 24th. Morgan Stanley boosted their price objective on 8X8 from $26.00 to $28.00 and gave the stock an overweight rating in a research note on Wednesday. Dougherty & Co raised 8X8 from a neutral rating to a buy rating in a research note on Wednesday. Zacks Investment Research raised 8X8 from a sell rating to a buy rating and set a $29.00 price objective on the stock in a research note on Tuesday, July 16th. Finally, BidaskClub raised 8X8 from a sell rating to a hold rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $26.11.

EGHT stock traded up $0.14 during trading 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. The firm’s fifty day moving average is $24.74. 8X8 has a fifty-two week low of $15.13 and a fifty-two week high of $26.67.

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

A number of institutional investors have recently bought and sold shares of EGHT. Geode Capital Management LLC lifted its position in shares of 8X8 by 12.8% during the 4th 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 last quarter. Principal Financial Group Inc. lifted its position in shares of 8X8 by 1.0% during 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 lifted its position in shares of 8X8 by 18.1% during 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 lifted its position in shares of 8X8 by 383.7% during 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 stake in shares of 8X8 during the 4th quarter worth approximately $487,000. 71.56% of the stock is currently owned by institutional investors.

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.

Featured Story: Preferred Stock

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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.