8×8 Inc. (EGHT) Shares Up 3.2%
8×8 Inc. (NASDAQ:EGHT) shares shot up 3.2% during mid-day trading on Thursday . The company traded as high as $13.39 and last traded at $13.35, with a volume of 333,220 shares. The stock had previously closed at $12.94.
A number of brokerages recently issued reports on EGHT. B. Riley reiterated a “neutral” rating and issued a $14.00 price target on shares of 8×8 in a research note on Friday, July 15th. Summit Redstone reiterated a “buy” rating and issued a $17.00 price target on shares of 8×8 in a research note on Thursday, June 30th. William Blair reiterated a “buy” rating on shares of 8×8 in a research note on Saturday, June 18th. Deutsche Bank AG reissued a “buy” rating on shares of 8×8 in a report on Sunday, May 22nd. Finally, Bank of America Corp. reissued a “buy” rating on shares of 8×8 in a report on Sunday, May 22nd. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $14.41.
The firm’s market cap is $1.21 billion. The company’s 50-day moving average price is $14.24 and its 200 day moving average price is $12.30.
8×8 (NASDAQ:EGHT) last released 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 company earned $60 million during the quarter, compared to analysts’ expectations of $57.97 million. Equities analysts predict that 8×8 Inc. will post $0.20 earnings per share for the current fiscal year.
In other 8×8 news, CTO Bryan R. Martin sold 43,142 shares of the company’s stock in a transaction that occurred on 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 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 SEC, which can be accessed through this hyperlink.
An institutional investor recently raised its position in 8×8 stock. California Public Employees Retirement System increased its position in 8×8 Inc. (NASDAQ:EGHT) by 26.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 306,000 shares of the company’s stock after buying an additional 64,200 shares during the period. California Public Employees Retirement System owned approximately 0.35% of 8×8 worth $3,504,000 as of its most recent filing with the SEC.
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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