8×8 Inc (NASDAQ:EGHT) has earned an average rating of “Buy” from the thirteen brokerages that are covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $17.44.
Several equities analysts have recently commented on the company. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. William Blair restated a “hold” rating on shares of 8×8 in a research note on Sunday, July 30th. B. Riley restated a “neutral” rating and set a $14.00 price target on shares of 8×8 in a research note on Saturday, July 29th. Finally, Craig Hallum lowered 8×8 from a “buy” rating to a “hold” rating and cut their price target for the company from $19.00 to $15.00 in a research note on Friday, July 28th.
8×8 (NASDAQ:EGHT) remained flat at $13.10 on Tuesday. 319,280 shares of the company’s stock traded hands. The firm’s market capitalization is $1.20 billion. The firm has a 50-day moving average price of $13.60 and a 200 day moving average price of $14.25. 8×8 has a one year low of $10.30 and a one year high of $16.80.
8×8 (NASDAQ:EGHT) last announced its quarterly 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 for the quarter, compared to analysts’ expectations of $68.65 million. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. Analysts forecast that 8×8 will post $0.07 EPS for the current year.
8×8 declared that its board has initiated a stock repurchase plan on Thursday, May 25th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 28% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, CFO Mary Ellen P. Genovese bought 11,625 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were bought at an average price of $12.78 per share, for a total transaction of $148,567.50. Following the completion of the purchase, the chief financial officer now directly owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vikram Verma bought 11,700 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was bought at an average price of $12.80 per share, for a total transaction of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Comerica Bank raised its position in 8×8 by 4.8% in the first quarter. Comerica Bank now owns 100,711 shares of the technology company’s stock valued at $1,430,000 after buying an additional 4,568 shares during the period. Bank of New York Mellon Corp raised its position in 8×8 by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 1,006,960 shares of the technology company’s stock valued at $15,357,000 after buying an additional 24,732 shares during the period. Princeton Alpha Management LP raised its position in 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock valued at $231,000 after buying an additional 1,436 shares during the period. First Trust Advisors LP raised its position in 8×8 by 5.4% in the first quarter. First Trust Advisors LP now owns 2,750,440 shares of the technology company’s stock valued at $41,944,000 after buying an additional 141,598 shares during the period. Finally, American National Registered Investment Advisor Inc. bought a new position in 8×8 during the first quarter valued at about $461,000. Institutional investors own 70.17% of the company’s stock.
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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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