8×8 Inc (NASDAQ:EGHT) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of 8×8 Inc (NASDAQ:EGHT) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning. They currently have $16.00 target price on the technology company’s stock.
According to Zacks, “8X8, Inc. (formerly Netergy Networks Inc.), and its two subsidiaries, Netergy Microelectronics and Centile, Inc., are providers of IP-based services, service creation environment and delivery tools, and embedded network appliance technology to help communication service providers and telecommunication equipment manufacturers succeed in the New Telecom Landscape, where voice, data and video converge into an ubiquitous IP network. “
A number of other analysts also recently issued reports on the company. B. Riley reaffirmed a neutral rating and issued a $14.00 target price on shares of 8×8 in a research note on Monday. BidaskClub raised 8×8 from a hold rating to a buy rating in a research report on Saturday, June 24th. ValuEngine raised 8×8 from a sell rating to a hold rating in a research report on Tuesday, June 6th. Deutsche Bank AG raised their price objective on 8×8 from $23.00 to $24.00 and gave the stock a buy rating in a research report on Tuesday, May 30th. Finally, Dougherty & Co cut their price objective on 8×8 from $18.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, May 23rd. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $17.56.
Shares of 8×8 (NASDAQ EGHT) traded down 14.19% during mid-day trading on Tuesday, hitting $12.70. 4,699,063 shares of the stock were exchanged. The stock’s market cap is $1.16 billion. The company has a 50-day moving average price of $14.39 and a 200-day moving average price of $14.59. 8×8 has a 12 month low of $10.30 and a 12 month high of $16.80.
8×8 (NASDAQ:EGHT) last issued its earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.01. 8×8 had a positive return on equity of 1.42% and a negative net margin of 2.44%. The company had revenue of $69.10 million during the quarter, compared to analyst estimates of $68.65 million. During the same period last year, the business earned $0.04 earnings per share. The firm’s revenue was up 15.1% compared to the same quarter last year. Equities analysts expect that 8×8 will post $0.17 earnings per share for the current year.
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8×8 declared that its Board of Directors has approved a share repurchase plan on Thursday, May 25th that permits the company to buyback $25.00 million in shares. This buyback authorization permits the technology company to repurchase up to 28% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors have recently made changes to their positions in EGHT. Ameritas Investment Partners Inc. purchased a new position in shares of 8×8 during the first quarter worth approximately $116,000. State of Alaska Department of Revenue boosted its position in shares of 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock worth $153,000 after buying an additional 210 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of 8×8 during the second quarter worth approximately $182,000. OppenheimerFunds Inc. purchased a new position in shares of 8×8 during the first quarter worth approximately $219,000. Finally, Princeton Alpha Management LP boosted its position in shares of 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock worth $231,000 after buying an additional 1,436 shares during the period. Institutional investors own 67.91% 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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