8X8 (EGHT) Upgraded by Zacks Investment Research to “Hold”
8X8 (NASDAQ:EGHT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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. “
Several other brokerages have also issued reports on EGHT. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, August 10th. Bank of America reaffirmed a “neutral” rating on shares of 8X8 in a report on Saturday, June 2nd. B. Riley lifted their price target on shares of 8X8 from $16.00 to $22.00 and gave the company a “neutral” rating in a report on Monday, July 30th. Stifel Nicolaus began coverage on shares of 8X8 in a report on Wednesday, July 11th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of 8X8 in a report on Friday, July 27th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $23.57.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.02 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm’s revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.02 EPS. equities research analysts forecast that 8X8 will post -0.12 EPS for the current year.
In other 8X8 news, SVP Darren J. Hakeman sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $23.25, for a total transaction of $186,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.40% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of 8X8 in the 2nd quarter valued at $108,000. PNC Financial Services Group Inc. boosted its stake in shares of 8X8 by 352.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock valued at $147,000 after purchasing an additional 6,099 shares during the last quarter. OppenheimerFunds Inc. bought a new stake in shares of 8X8 in the 2nd quarter valued at $201,000. Laurion Capital Management LP bought a new stake in shares of 8X8 in the 2nd quarter valued at $215,000. Finally, SG Americas Securities LLC bought a new stake in shares of 8X8 in the 1st quarter valued at $234,000. 71.56% of the stock is currently owned by hedge funds and other institutional investors.
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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