8×8 Inc. (EGHT) Sets New 52-Week High at $14.96
Shares of 8×8 Inc. (NASDAQ:EGHT) 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.
Several research firms have commented on EGHT. Summit Redstone reaffirmed a “buy” rating and set a $17.00 price objective on shares of 8×8 in a research note on Thursday, June 30th. William Blair reaffirmed a “buy” rating on shares of 8×8 in a research note on Saturday, June 18th. Needham & Company LLC began coverage on 8×8 in a research note on Friday, June 3rd. They set a “buy” rating and a $15.00 price objective for the company. B. Riley reaffirmed a “neutral” rating and set a $9.75 price objective on shares of 8×8 in a research note on Monday, May 23rd. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of 8×8 in a research note on Sunday, May 22nd. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $13.57.
The firm has a 50 day moving average price of $13.58 and a 200-day moving average price of $11.69. The stock’s market cap is $1.33 billion.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings results on Thursday, May 19th. The company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. The firm earned $57.33 million during the quarter, compared to analyst estimates of $54.41 million. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter last year, the business posted $0.05 earnings per share. On average, equities analysts expect that 8×8 Inc. will post $0.20 earnings per share for the current year.
In related 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 in the company, valued at $13,533,560.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Other institutional investors recently modified their holdings of the company. Columbus Circle Investors increased its position in shares of 8×8 by 1,275.8% in the fourth quarter. Columbus Circle Investors now owns 1,543,640 shares of the company’s stock worth $17,675,000 after buying an additional 1,431,441 shares during the last quarter. Shell Asset Management Co. bought a new position in shares of 8×8 during the fourth quarter worth approximately $7,280,000. EAM Investors LLC bought a new position in shares of 8×8 during the fourth quarter worth approximately $4,813,000. Russell Frank Co increased its position in shares of 8×8 by 24.6% in the fourth quarter. Russell Frank Co now owns 712,570 shares of the company’s stock worth $8,273,000 after buying an additional 140,789 shares during the last quarter. Finally, California Public Employees Retirement System increased its position 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 worth $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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