8×8, Inc. (NASDAQ:EGHT) Receives $23.56 Consensus Target Price from Analysts

8×8, Inc. (NASDAQ:EGHT) has been given a consensus recommendation of “Hold” by the twelve analysts that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $23.56.

Several equities research analysts recently weighed in on the company. BidaskClub downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research downgraded 8X8 from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Bank of America raised their price objective on 8X8 from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, May 15th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective (up previously from $22.00) on shares of 8X8 in a report on Wednesday, May 15th. Finally, Dougherty & Co downgraded 8X8 from a “buy” rating to a “neutral” rating and set a $21.95 target price on the stock. in a report on Wednesday, May 15th.

In other 8X8 news, EVP Dejan Deklich sold 36,136 shares of 8X8 stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $22.06, for a total transaction of $797,160.16. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.40% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in EGHT. Morgan Stanley lifted its holdings in 8X8 by 868.8% during the 1st quarter. Morgan Stanley now owns 1,561,762 shares of the technology company’s stock worth $31,548,000 after buying an additional 1,400,561 shares during the period. Westfield Capital Management Co. LP acquired a new position in 8X8 during the 4th quarter worth about $19,179,000. Polar Capital LLP lifted its holdings in 8X8 by 64.9% during the 4th quarter. Polar Capital LLP now owns 2,516,926 shares of the technology company’s stock worth $45,405,000 after buying an additional 990,845 shares during the period. Portolan Capital Management LLC bought a new position in shares of 8X8 in the 4th quarter worth about $14,790,000. Finally, Norges Bank bought a new position in shares of 8X8 in the 4th quarter worth about $14,469,000. 71.56% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ EGHT traded down $0.15 during mid-day trading on Tuesday, hitting $24.43. 368,326 shares of the stock traded hands, compared to its average volume of 1,316,960. 8X8 has a twelve month low of $15.13 and a twelve month high of $25.09.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, May 14th. The technology company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). The company had revenue of $93.80 million during the quarter, compared to the consensus estimate of $92.98 million. During the same quarter last year, the business posted ($0.03) earnings per share. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year.

About 8X8

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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