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8×8 Inc (EGHT) Upgraded to Buy at Zacks Investment Research
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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. “
Other research analysts also recently issued research reports about the stock. B. Riley reaffirmed a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a research report on Sunday, May 28th. BidaskClub raised shares of 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. ValuEngine raised shares of 8×8 from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. Dougherty & Co cut their price objective on shares of 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, May 23rd. Finally, William Blair downgraded shares of 8×8 from an “outperform” rating to a “market perform” rating in a research report on Monday, May 1st. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. 8×8 presently has a consensus rating of “Buy” and an average price target of $17.50.
8×8 (NASDAQ EGHT) traded down 1.39% during midday trading on Tuesday, hitting $14.15. 346,435 shares of the stock were exchanged. The firm’s 50 day moving average price is $14.05 and its 200 day moving average price is $14.64. The company’s market cap is $1.30 billion. 8×8 has a 12 month low of $12.60 and a 12 month high of $16.80.
8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, May 25th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. 8×8 had a negative net margin of 1.88% and a positive return on equity of 2.26%. The firm had revenue of $66.49 million for the quarter, compared to the consensus estimate of $65.54 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts forecast that 8×8 will post $0.18 earnings per share for the current fiscal year.
8×8 announced that its board has authorized a stock repurchase program on Thursday, May 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 28% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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Hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its stake in 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock valued at $153,000 after buying an additional 210 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in 8×8 by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 37,300 shares of the technology company’s stock valued at $543,000 after buying an additional 300 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in 8×8 by 0.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 60,277 shares of the technology company’s stock valued at $862,000 after buying an additional 431 shares in the last quarter. Arizona State Retirement System increased its stake in 8×8 by 1.5% in the first quarter. Arizona State Retirement System now owns 47,335 shares of the technology company’s stock valued at $722,000 after buying an additional 700 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in 8×8 by 0.7% in the first quarter. Legal & General Group Plc now owns 164,376 shares of the technology company’s stock valued at $2,506,000 after buying an additional 1,109 shares in the last quarter. 68.01% of the stock is currently owned by institutional investors.
8×8 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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