8×8, Inc. (EGHT) Receives $23.29 Average Target Price from Analysts
Shares of 8×8, Inc. (NASDAQ:EGHT) have earned an average rating of “Buy” from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $23.29.
Several analysts have recently issued reports on the company. Zacks Investment Research raised 8X8 from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of 8X8 in a report on Friday, July 27th. B. Riley increased their target price on 8X8 from $16.00 to $22.00 and gave the stock a “neutral” rating in a report on Monday, July 30th. BidaskClub lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Finally, William Blair assumed coverage on 8X8 in a report on Wednesday, October 10th. They set an “outperform” rating on the stock.
NASDAQ EGHT traded up $0.19 on Friday, reaching $17.60. The stock had a trading volume of 13,128 shares, compared to its average volume of 906,980. 8X8 has a 1-year low of $13.75 and a 1-year high of $23.50.
In related news, CEO Vikram Verma bought 5,730 shares of 8X8 stock in a transaction dated Thursday, November 1st. The shares were bought at an average cost of $17.09 per share, with a total value of $97,925.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Darren J. Hakeman sold 8,000 shares of the stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $23.25, for a total value of $186,000.00. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in 8X8 in the second quarter valued at about $108,000. OppenheimerFunds Inc. acquired a new stake in 8X8 in the second quarter valued at about $201,000. Pacer Advisors Inc. acquired a new stake in 8X8 in the third quarter valued at about $202,000. Laurion Capital Management LP acquired a new stake in 8X8 in the second quarter valued at about $215,000. Finally, SG Americas Securities LLC boosted its stake in 8X8 by 29.6% in the second quarter. SG Americas Securities LLC now owns 16,240 shares of the technology company’s stock valued at $326,000 after buying an additional 3,713 shares in the last quarter. 71.56% of the stock is currently owned by institutional investors and hedge funds.
8X8 Company Profile
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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