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.

COPYRIGHT VIOLATION WARNING: “8×8 Inc (EGHT) Upgraded to Hold at ValuEngine” was reported by Daily Political and is the sole property of of Daily Political. If you are accessing this piece on another website, it was stolen and reposted in violation of U.S. and international copyright and trademark legislation. The original version of this piece can be viewed at https://www.dailypolitical.com/2017/09/02/8x8-inc-eght-upgraded-to-hold-at-valuengine.html.

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.

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.

Analyst Recommendations for 8x8 (NASDAQ:EGHT)

Receive News & Ratings for 8x8 Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8x8 Inc and related companies with MarketBeat.com's FREE daily email newsletter.