8X8 (NASDAQ:EGHT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of 8X8 (NASDAQ:EGHT) from a buy rating to a hold rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “

A number of other analysts have also recently commented on the stock. Dougherty & Co upgraded shares of 8X8 from a neutral rating to a buy rating in a research note on Wednesday, July 31st. BidaskClub upgraded shares of 8X8 from a sell rating to a hold rating in a research note on Tuesday, July 2nd. Stifel Nicolaus set a $30.00 price target on shares of 8X8 and gave the company a buy rating in a research note on Wednesday, July 31st. B. Riley cut shares of 8X8 from a neutral rating to a sell rating and increased their price target for the company from $17.50 to $18.50 in a research note on Wednesday, July 31st. Finally, Stephens reiterated a buy rating and issued a $27.00 price target on shares of 8X8 in a research note on Tuesday, May 14th. 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 an average rating of Hold and a consensus price target of $26.11.

8X8 stock traded down $0.65 during mid-day trading on Friday, reaching $23.06. The company’s stock had a trading volume of 9,373 shares, compared to its average volume of 1,330,318. 8X8 has a 12 month low of $15.13 and a 12 month high of $26.67. The firm’s 50 day simple moving average is $24.74.

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

In related news, CEO Vikram Verma bought 4,200 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was bought at an average price of $23.54 per share, for a total transaction of $98,868.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of 8X8 by 1.2% during the 1st quarter. BlackRock Inc. now owns 14,036,160 shares of the technology company’s stock worth $283,531,000 after buying an additional 164,424 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of 8X8 by 7.2% during the 1st quarter. First Trust Advisors LP now owns 4,375,246 shares of the technology company’s stock worth $88,380,000 after buying an additional 295,759 shares during the last quarter. Wells Fargo & Company MN raised its stake in 8X8 by 50.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,456,393 shares of the technology company’s stock worth $29,419,000 after purchasing an additional 488,189 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in 8X8 by 19.6% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,271,710 shares of the technology company’s stock worth $25,689,000 after purchasing an additional 208,570 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its stake in 8X8 by 7.8% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 1,193,764 shares of the technology company’s stock worth $28,770,000 after purchasing an additional 86,849 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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