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

EGHT has been the topic of a number of research reports. Dougherty & Co boosted their price target 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 issued a $17.00 price target on shares of 8×8 in a report on Thursday, June 30th. Needham & Company LLC initiated coverage on 8×8 in a report on Friday, June 3rd. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Zacks Investment Research lowered 8×8 from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued 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 has a 50-day moving average price of $14.42 and a 200 day moving average price of $12.11. The firm’s market cap is $1.23 billion.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.03. The business had revenue of $60 million for the quarter, compared to analyst estimates of $57.97 million. On average, 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 the stock in a transaction dated 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 directly owns 1,087,033 shares in the company, valued at approximately $13,533,560.85. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Other hedge funds have modified their holdings of the company. 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 worth $1,216,000 after buying an additional 13,727 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 in the last quarter. 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 in 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 in the last quarter. Finally, 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 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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