8×8 Inc (EGHT) Rating Lowered to Sell at Zacks Investment Research
8×8 Inc (NASDAQ:EGHT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “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 software platform brings together cloud, mobile, collaboration, video and data science technologies. It provides 8×8 Virtual Office, a voice as a service with a robust business feature set; 8×8 Virtual Office Pro software that enables employees and workgroups to communicate with each other using chat or text messages sent via the short message service; and 8×8 Virtual Contact Center, a voice, chat, voicemail, and email call center. The company integrates its services with third-party applications and platforms, including enterprise resource planning, customer relations management, human capital management, and other proprietary application suites. It markets its services to end users through direct sales force, Website, and channel partners. “
EGHT has been the subject of several other research reports. B. Riley reaffirmed a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research note on Wednesday, July 19th. William Blair reaffirmed a “hold” rating on shares of 8×8 in a research note on Sunday, July 30th. ValuEngine raised shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Northland Securities set a $18.00 price objective on shares of 8×8 and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, Craig Hallum cut shares of 8×8 from a “buy” rating to a “hold” rating and reduced their price objective for the company from $19.00 to $15.00 in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $17.30.
Shares of 8×8 (NASDAQ:EGHT) opened at 14.00 on Wednesday. 8×8 has a one year low of $10.30 and a one year high of $16.80. The company’s market cap is $1.29 billion. The stock’s 50 day moving average is $13.56 and its 200-day moving average is $13.98.
8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of $69.10 million for the quarter, compared to analysts’ expectations of $68.65 million. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. 8×8’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 EPS. Equities research analysts forecast that 8×8 will post $0.07 earnings per share for the current year.
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In other 8×8 news, CFO Mary Ellen P. Genovese acquired 11,625 shares of the stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average cost of $12.78 per share, for a total transaction of $148,567.50. Following the acquisition, the chief financial officer now owns 92,106 shares in the company, valued at approximately $1,177,114.68. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Vikram Verma acquired 11,700 shares of the stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average price of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. bought a new stake in shares of 8×8 in the 1st quarter worth approximately $116,000. Riverhead Capital Management LLC raised its holdings in 8×8 by 85.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock valued at $132,000 after buying an additional 4,184 shares during the last quarter. Flinton Capital Management LLC raised its holdings in 8×8 by 84.8% during the 2nd quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock valued at $133,000 after buying an additional 4,182 shares during the last quarter. Pinebridge Investments L.P. raised its holdings in 8×8 by 1.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock valued at $176,000 after buying an additional 209 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in 8×8 by 5.0% during the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock valued at $179,000 after buying an additional 581 shares during the last quarter. Hedge funds and other institutional investors own 69.48% of the company’s stock.
8×8 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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