8X8 (NASDAQ:EGHT) Downgraded by BidaskClub to Buy

Share on StockTwits

BidaskClub lowered shares of 8X8 (NASDAQ:EGHT) from a strong-buy rating to a buy rating in a report issued on Tuesday, BidAskClub reports.

A number of other research analysts also recently commented on EGHT. Guggenheim started coverage on 8X8 in a report on Monday, March 11th. They issued a neutral rating and a $20.00 price target for the company. Zacks Investment Research raised 8X8 from a sell rating to a hold rating in a report on Thursday, March 21st. Rosenblatt Securities restated a buy rating and set a $22.50 price objective on shares of 8X8 in a research note on Monday, March 25th. Stephens restated a buy rating and set a $27.00 price objective on shares of 8X8 in a research note on Tuesday, May 14th. Finally, Dougherty & Co cut 8X8 from a buy rating to a neutral rating and set a $21.95 price objective on the stock. in a research note on Wednesday, May 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $23.27.

Shares of EGHT opened at $24.43 on Tuesday. 8X8 has a one year low of $15.13 and a one year high of $25.09.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, May 14th. The technology company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $93.80 million during the quarter, compared to analysts’ expectations of $92.98 million. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) earnings per share.

In other 8X8 news, EVP Dejan Deklich sold 36,136 shares of the company’s stock in a transaction that occurred on 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 legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Buffington Mohr McNeal bought a new stake in shares of 8X8 in the 1st quarter valued at about $28,000. Oregon Public Employees Retirement Fund bought a new stake in shares of 8X8 in the 4th quarter valued at about $36,000. Bank of Montreal Can raised its holdings in shares of 8X8 by 21.9% in the 4th quarter. Bank of Montreal Can now owns 3,857 shares of the technology company’s stock valued at $69,000 after purchasing an additional 692 shares during the period. LS Investment Advisors LLC raised its holdings in shares of 8X8 by 108.0% in the 4th quarter. LS Investment Advisors LLC now owns 5,586 shares of the technology company’s stock valued at $101,000 after purchasing an additional 2,901 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 8X8 by 31.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,407 shares of the technology company’s stock valued at $116,000 after purchasing an additional 1,527 shares during the period. Hedge funds and other institutional investors own 71.56% of the company’s stock.

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.

Further Reading: Why is a lock-up period needed for an IPO?

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.