Craig Hallum Lowers 8×8 Inc (NASDAQ:EGHT) to Hold
Craig Hallum downgraded shares of 8×8 Inc (NASDAQ:EGHT) from a buy rating to a hold rating in a report released on Friday, MarketBeat reports. They currently have $15.00 price target on the technology company’s stock, down from their previous price target of $19.00.
Several other equities analysts also recently issued reports on the company. William Blair downgraded 8×8 from an outperform rating to a market perform rating in a research report on Monday, May 1st. Deutsche Bank AG upped their target price on 8×8 from $23.00 to $24.00 and gave the company a buy rating in a research report on Tuesday, May 30th. Zacks Investment Research downgraded 8×8 from a hold rating to a sell rating in a research report on Thursday, May 4th. Morgan Stanley started coverage on 8×8 in a research report on Tuesday, April 11th. They issued an equal weight rating and a $17.00 target price on the stock. Finally, BidaskClub raised 8×8 from a hold rating to a buy rating in a research report on Saturday, June 24th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. 8×8 currently has an average rating of Buy and a consensus price target of $17.30.
Shares of 8×8 (NASDAQ EGHT) opened at 12.725 on Friday. 8×8 has a one year low of $10.30 and a one year high of $16.80. The company has a 50 day moving average price of $14.35 and a 200 day moving average price of $14.57. The company’s market cap is $1.17 billion.
8×8 (NASDAQ:EGHT) last released its earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.01. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The firm had revenue of $69.10 million during the quarter, compared to analyst estimates of $68.65 million. During the same period in the previous year, the company earned $0.04 earnings per share. 8×8’s revenue was up 15.1% on a year-over-year basis. Equities analysts predict that 8×8 will post $0.17 EPS for the current year.
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8×8 announced that its board has approved a share buyback plan on Thursday, May 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 28% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently modified their holdings of EGHT. Ameritas Investment Partners Inc. bought a new position in shares of 8×8 during the first quarter worth $116,000. State of Alaska Department of Revenue raised 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 in the last quarter. Fox Run Management L.L.C. bought a new position in shares of 8×8 during the second quarter worth $182,000. OppenheimerFunds Inc. bought a new position in shares of 8×8 during the first quarter worth $219,000. Finally, Princeton Alpha Management LP raised 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 in the last quarter. 67.99% of the stock is currently owned by hedge funds and other institutional investors.
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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