8×8 Inc. (NASDAQ:EGHT) was down 4.7% during trading on Friday . The stock traded as low as $13.75 and last traded at $13.75, with a volume of 1,895,567 shares trading hands. The stock had previously closed at $14.43.

Several equities research analysts recently commented on EGHT shares. Dougherty & Co raised their target price on 8×8 from $15.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. 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 objective on shares of 8×8 in a report on Thursday, June 30th. Needham & Company LLC started coverage on 8×8 in a report on Friday, June 3rd. They set a “buy” rating and a $15.00 price objective on the stock. Finally, Zacks Investment Research downgraded 8×8 from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $14.41.

The firm’s 50 day moving average price is $14.42 and its 200 day moving average price is $12.11. The stock’s market capitalization is $1.23 billion.

8×8 (NASDAQ:EGHT) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $60 million for the quarter, compared to the consensus estimate of $57.97 million. Analysts predict that 8×8 Inc. will post $0.20 earnings per share for the current fiscal year.

In related news, CTO Bryan R. Martin sold 43,142 shares of the stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $12.45, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available through the SEC website.

A number of hedge funds have made changes to their positions in the stock. California State Teachers Retirement System increased 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 increased 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. Rhumbline Advisers increased 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 Public Employees Retirement System increased 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. Finally, PNC Financial Services Group Inc. increased 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.

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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