Zacks Investment Research upgraded shares of 8×8 Inc (NASDAQ:EGHT) from a hold rating to a buy rating in a report released on Tuesday morning. The firm currently has $16.00 price objective on the technology company’s stock.

According to Zacks, “8X8, Inc. (formerly Netergy Networks Inc.), and its two subsidiaries, Netergy Microelectronics and Centile, Inc., are providers of IP-based services, service creation environment and delivery tools, and embedded network appliance technology to help communication service providers and telecommunication equipment manufacturers succeed in the New Telecom Landscape, where voice, data and video converge into an ubiquitous IP network. “

A number of other research analysts have also issued reports on EGHT. Morgan Stanley started coverage on 8×8 in a report on Tuesday, April 11th. They issued an equal weight rating and a $17.00 target price on the stock. William Blair lowered 8×8 from an outperform rating to a market perform rating in a report on Monday, May 1st. B. Riley reissued a neutral rating and issued a $14.00 target price on shares of 8×8 in a report on Tuesday, May 23rd. Dougherty & Co dropped their target price on 8×8 from $18.00 to $16.00 and set a buy rating on the stock in a report on Tuesday, May 23rd. Finally, Deutsche Bank AG boosted their target price on 8×8 from $23.00 to $24.00 and gave the company a buy rating in a report on Tuesday, May 30th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $17.50.

8×8 (NASDAQ:EGHT) traded up 2.381% during midday trading on Tuesday, reaching $13.975. The company’s stock had a trading volume of 264,538 shares. The stock’s market cap is $1.28 billion. 8×8 has a 12-month low of $12.60 and a 12-month high of $16.80. The stock’s 50 day moving average is $14.43 and its 200 day moving average is $14.62.

8×8 (NASDAQ:EGHT) last released its earnings results on Thursday, May 25th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. The business had revenue of $66.49 million for the quarter, compared to analyst estimates of $65.54 million. 8×8 had a positive return on equity of 2.26% and a negative net margin of 1.88%. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. Analysts anticipate that 8×8 will post $0.17 earnings per share for the current year.

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8×8 declared that its Board of Directors has authorized a share buyback program on Thursday, May 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 28% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of 8×8 by 120,530.1% in the first quarter. BlackRock Inc. now owns 10,695,065 shares of the technology company’s stock worth $163,100,000 after buying an additional 10,686,199 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of 8×8 by 2,730.2% in the first quarter. Alliancebernstein L.P. now owns 3,662,760 shares of the technology company’s stock worth $55,857,000 after buying an additional 3,533,344 shares in the last quarter. Driehaus Capital Management LLC raised its position in shares of 8×8 by 105.5% in the first quarter. Driehaus Capital Management LLC now owns 659,196 shares of the technology company’s stock worth $10,053,000 after buying an additional 338,495 shares in the last quarter. Vanguard Group Inc. raised its position in shares of 8×8 by 7.2% in the first quarter. Vanguard Group Inc. now owns 4,760,026 shares of the technology company’s stock worth $72,590,000 after buying an additional 321,314 shares in the last quarter. Finally, Highbridge Capital Management LLC raised its position in shares of 8×8 by 1,480.7% in the first quarter. Highbridge Capital Management LLC now owns 340,000 shares of the technology company’s stock worth $5,185,000 after buying an additional 318,491 shares in the last quarter. 68.01% of the stock is currently owned by hedge funds and other institutional investors.

About 8×8

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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Analyst Recommendations for 8x8 (NASDAQ:EGHT)

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