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

EGHT has been the topic of a number of recent analyst reports. Dougherty & Co upped their target price on shares of 8×8 from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday. William Blair reaffirmed a “buy” rating on shares of 8×8 in a research report on Wednesday, April 6th. Summit Redstone reaffirmed a “buy” rating and issued a $17.00 target price on shares of 8×8 in a research report on Thursday, June 30th. Needham & Company LLC assumed coverage on shares of 8×8 in a research report on Friday, June 3rd. They set a “buy” rating and a $15.00 price target on the stock. Finally, Summit Research reissued a “buy” rating and set a $16.00 price target on shares of 8×8 in a research report on Sunday, May 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $14.41.

The firm has a 50 day moving average price of $14.32 and a 200-day moving average price of $11.98. The stock’s market cap is $1.34 billion.

8×8 (NASDAQ:EGHT) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business earned $60 million during the quarter, compared to analysts’ expectations of $57.97 million. Equities research analysts predict that 8×8 Inc. will post $0.20 EPS for the current fiscal 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 sale, the chief technology officer now owns 1,087,033 shares in the company, valued at approximately $13,533,560.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

A number of hedge funds have bought and sold shares of EGHT. PNC Financial Services Group Inc. boosted its stake in 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 period. Rhumbline Advisers boosted its stake 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 during the period. California State Teachers Retirement System boosted its stake 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 during the period. First Trust Advisors LP boosted its stake 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 during the period. Finally, California Public Employees Retirement System boosted its stake 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 during the period.

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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