Zacks Investment Research lowered shares of 8X8 (NASDAQ:EGHT) from a hold rating to a sell rating in a research note published on Tuesday.
According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “
EGHT has been the subject of several other research reports. Summit Insights reissued a hold rating on shares of 8X8 in a report on Tuesday, October 30th. BidaskClub lowered 8X8 from a strong-buy rating to a buy rating in a report on Thursday, September 20th. William Blair began coverage on 8X8 in a report on Wednesday, October 10th. They set an outperform rating for the company. Rosenblatt Securities began coverage on 8X8 in a report on Thursday, December 20th. They set a buy rating and a $24.00 target price for the company. Finally, Needham & Company LLC reaffirmed a buy rating and set a $23.00 target price (down previously from $25.00) on shares of 8X8 in a report on Tuesday, October 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $23.11.
EGHT traded down $0.02 during trading hours on Tuesday, hitting $19.97. The stock had a trading volume of 5,358 shares, compared to its average volume of 707,957. 8X8 has a 1 year low of $14.45 and a 1 year high of $23.50.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Monday, October 29th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $85.70 million during the quarter, compared to analysts’ expectations of $84.26 million. During the same period last year, the business posted $0.03 EPS. The company’s revenue was up 18.2% compared to the same quarter last year.
In related news, CEO Vikram Verma bought 5,730 shares of the business’s stock in a transaction dated Thursday, November 1st. The shares were purchased at an average cost of $17.09 per share, with a total value of $97,925.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ian Potter sold 1,690 shares of the stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $18.35, for a total value of $31,011.50. Following the completion of the sale, the director now directly owns 97,354 shares in the company, valued at $1,786,445.90. The disclosure for this sale can be found here. 4.40% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of 8X8 during the 2nd quarter worth approximately $108,000. OppenheimerFunds Inc. purchased a new position in shares of 8X8 in the 2nd quarter valued at $201,000. Pacer Advisors Inc. purchased a new position in 8X8 during the 3rd quarter worth $202,000. Laurion Capital Management LP purchased a new position in 8X8 during the 2nd quarter worth $215,000. Finally, SG Americas Securities LLC grew its stake in 8X8 by 29.6% during the 2nd quarter. SG Americas Securities LLC now owns 16,240 shares of the technology company’s stock worth $326,000 after buying an additional 3,713 shares during the last quarter. 71.56% of the stock is currently owned by institutional investors.
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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