8×8 Inc. (NASDAQ:EGHT)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $14.96 and last traded at $14.85, with a volume of 201,371 shares changing hands. The stock had previously closed at $14.52.

EGHT has been the topic of several research analyst reports. William Blair restated a “buy” rating on shares of 8×8 in a report on Wednesday, April 6th. Summit Redstone restated a “buy” rating and set a $17.00 price target on shares of 8×8 in a report on Thursday, June 30th. Needham & Company LLC initiated coverage on shares of 8×8 in a report on Friday, June 3rd. They set a “buy” rating and a $15.00 price target on the stock. Summit Research reiterated a “buy” rating and issued a $16.00 price objective on shares of 8×8 in a report on Sunday, May 22nd. Finally, Dougherty & Co upped their price objective on shares of 8×8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 20th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $13.57.

The company’s market capitalization is $1.34 billion. The company’s 50-day moving average price is $13.68 and its 200 day moving average price is $11.72.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, May 19th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company had revenue of $57.33 million for the quarter, compared to analyst estimates of $54.41 million. The company’s revenue was up 31.7% on a year-over-year basis. On average, equities research analysts forecast that 8×8 Inc. will post $0.20 EPS for the current fiscal year.

In related news, CTO Bryan R. Martin sold 43,142 shares of the firm’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $12.45, for a total transaction of $537,117.90. Following the sale, the chief technology officer now directly owns 1,087,033 shares in the company, valued at $13,533,560.85. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

A number of large investors have modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in shares of 8×8 by 14.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 106,146 shares of the company’s stock valued at $1,216,000 after buying an additional 13,727 shares during the last quarter. Rhumbline Advisers raised its stake in shares of 8×8 by 5.0% in the fourth quarter. Rhumbline Advisers now owns 124,054 shares of the company’s stock valued at $1,420,000 after buying an additional 5,905 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of 8×8 by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 163,377 shares of the company’s stock valued at $1,871,000 after buying an additional 2,879 shares during the last quarter. First Trust Advisors LP raised its stake in shares of 8×8 by 41.4% in the fourth quarter. First Trust Advisors LP now owns 210,510 shares of the company’s stock valued at $2,410,000 after buying an additional 61,608 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of 8×8 by 26.6% in the fourth quarter. California Public Employees Retirement System now owns 306,000 shares of the company’s stock valued at $3,504,000 after buying an additional 64,200 shares during the last quarter.

8×8, Inc (8×8) offers Software as a Service (SaaS) communication solution. The Company is engaged in business cloud communications and development and use of Internet protocol voice, video and data communication technologies in a true SaaS model. The 8×8 unified cloud communications solution addresses the shortcomings of legacy and point solution cloud services through its pure cloud Software as a Service offering.

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