8×8 Inc. (NASDAQ:EGHT)’s share price dropped 3.1% during mid-day trading on Thursday . The company traded as low as $14.59 and last traded at $14.67, with a volume of 460,520 shares. The stock had previously closed at $15.14.

EGHT has been the topic of a number of research reports. Dougherty & Co raised their price objective on shares of 8×8 from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday. William Blair reissued a “buy” rating on shares of 8×8 in a report on Wednesday, April 6th. Summit Redstone reissued a “buy” rating and issued a $17.00 price objective 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. Finally, Summit Research reaffirmed a “buy” rating and set a $16.00 price target on shares of 8×8 in a report on Sunday, May 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $14.23.

The stock’s 50-day moving average is $14.23 and its 200-day moving average is $11.93. The company’s market cap is $1.30 billion.

8×8 (NASDAQ:EGHT) last released its earnings results on Thursday, July 21st. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The firm earned $60 million during the quarter, compared to analyst estimates of $57.97 million. Analysts forecast that 8×8 Inc. will post $0.20 EPS for the current year.

In other 8×8 news, CTO Bryan R. Martin sold 43,142 shares of 8×8 stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $12.45, for a total value of $537,117.90. Following the completion of the transaction, the chief technology officer now directly owns 1,087,033 shares of the company’s stock, valued at approximately $13,533,560.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Frank Co increased its position in 8×8 by 24.6% in the fourth quarter. Russell Frank Co now owns 712,570 shares of the company’s stock valued at $8,273,000 after buying an additional 140,789 shares in the last quarter. California State Teachers Retirement System increased its position in 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 in the last quarter. First Trust Advisors LP increased its position in 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 in the last quarter. Rhumbline Advisers increased its position in 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 in the last quarter. Finally, California Public Employees Retirement System increased its position in 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 in the last quarter.

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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