8X8 (NYSE:EGHT) Rating Increased to Buy at Zacks Investment Research

8X8 (NYSE:EGHTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The firm currently has a $9.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 17.65% from the stock’s current price.

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. “

A number of other equities research analysts have also recently weighed in on EGHT. B. Riley raised 8X8 from a “neutral” rating to a “buy” rating and set a $13.50 price target on the stock in a report on Wednesday, May 11th. Wells Fargo & Company cut their price target on 8X8 from $15.00 to $11.00 and set an “underweight” rating on the stock in a report on Tuesday, March 15th. Needham & Company LLC cut their price target on 8X8 from $22.00 to $13.00 in a report on Wednesday, May 11th. Bank of America initiated coverage on 8X8 in a report on Friday, January 28th. They set a “buy” rating and a $18.00 price target on the stock. Finally, Craig Hallum cut their price target on 8X8 from $20.00 to $10.00 in a report on Wednesday, May 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.73.

EGHT stock traded down $0.29 during midday trading on Monday, reaching $7.65. The company had a trading volume of 2,346,207 shares, compared to its average volume of 1,781,997. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 3.76. The stock has a 50 day moving average price of $10.47 and a 200 day moving average price of $14.40. 8X8 has a fifty-two week low of $7.46 and a fifty-two week high of $28.68. The firm has a market capitalization of $905.23 million, a PE ratio of -4.84 and a beta of 1.10.

8X8 (NYSE:EGHTGet Rating) last issued its earnings results on Wednesday, May 11th. The technology company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.12. The company had revenue of $181.37 million during the quarter, compared to the consensus estimate of $180.87 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. 8X8’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.33) earnings per share. Research analysts predict that 8X8 will post -1.24 EPS for the current year.

In other 8X8 news, SVP Matthew Zinn sold 6,662 shares of the company’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $7.94, for a total value of $52,896.28. Following the transaction, the senior vice president now owns 78,661 shares of the company’s stock, valued at $624,568.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Sipes sold 13,915 shares of the company’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $7.94, for a total value of $110,485.10. Following the completion of the transaction, the chief executive officer now directly owns 553,117 shares in the company, valued at approximately $4,391,748.98. The disclosure for this sale can be found here. Insiders sold 57,089 shares of company stock worth $557,338 in the last ninety days. 2.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Captrust Financial Advisors grew its position in 8X8 by 832.8% during the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock worth $38,000 after purchasing an additional 2,665 shares in the last quarter. Mackay Shields LLC purchased a new position in shares of 8X8 during the 1st quarter valued at $46,000. Macquarie Group Ltd. grew its holdings in shares of 8X8 by 95.8% during the 3rd quarter. Macquarie Group Ltd. now owns 5,189 shares of the technology company’s stock valued at $121,000 after acquiring an additional 2,539 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of 8X8 during the 1st quarter valued at $138,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in shares of 8X8 during the 1st quarter valued at $140,000. Hedge funds and other institutional investors own 92.72% of the company’s stock.

8X8 Company Profile (Get Rating)

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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