8×8 Inc (EGHT) Upgraded to Hold at ValuEngine
ValuEngine upgraded shares of 8×8 Inc (NASDAQ:EGHT) from a sell rating to a hold rating in a report released on Friday morning.
Other research analysts have also issued research reports about the company. B. Riley reiterated a neutral rating and issued a $14.00 target price on shares of 8×8 in a research report on Monday, July 24th. BidaskClub upgraded 8×8 from a hold rating to a buy rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded 8×8 from a sell rating to a hold rating in a research report on Monday, August 14th. Craig Hallum lowered 8×8 from a buy rating to a hold rating and decreased their target price for the stock from $19.00 to $15.00 in a research report on Friday, July 28th. Finally, William Blair reiterated a hold rating on shares of 8×8 in a research report on Sunday, July 30th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $17.30.
8×8 (NASDAQ:EGHT) traded down 1.41% during midday trading on Friday, hitting $13.95. The stock had a trading volume of 430,701 shares. The company’s market cap is $1.28 billion. The company has a 50-day moving average price of $13.48 and a 200-day moving average price of $14.17. 8×8 has a 12-month low of $10.30 and a 12-month high of $16.80.
8×8 (NASDAQ:EGHT) last issued its earnings results on Thursday, July 27th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by $0.01. The firm had revenue of $69.10 million during the quarter, compared to analyst estimates of $68.65 million. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. 8×8’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.04 EPS. Equities analysts anticipate that 8×8 will post $0.07 EPS for the current year.
8×8 declared that its Board of Directors has initiated a share buyback program on Thursday, May 25th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the technology company to buy up to 28% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
In other 8×8 news, CFO Mary Ellen P. Genovese purchased 11,625 shares of 8×8 stock in a transaction on Tuesday, August 1st. The stock was bought at an average price of $12.78 per share, for a total transaction of $148,567.50. Following the transaction, the chief financial officer now owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vikram Verma purchased 11,700 shares of 8×8 stock in a transaction on Tuesday, August 1st. The shares were acquired at an average price of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank raised its position in shares of 8×8 by 2.8% in the first quarter. Swiss National Bank now owns 149,200 shares of the technology company’s stock worth $2,275,000 after buying an additional 4,100 shares during the period. Profund Advisors LLC raised its position in shares of 8×8 by 6.4% in the first quarter. Profund Advisors LLC now owns 71,491 shares of the technology company’s stock worth $1,090,000 after buying an additional 4,316 shares during the period. Summit Partners Public Asset Management LLC acquired a new position in shares of 8×8 during the first quarter worth about $3,508,000. Great West Life Assurance Co. Can raised its position in shares of 8×8 by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 126,146 shares of the technology company’s stock worth $1,917,000 after buying an additional 8,143 shares during the period. Finally, 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 during the period. Institutional investors own 70.01% of the company’s stock.
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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