Bank of America Reaffirms Maintains Rating for 8X8 (NYSE:EGHT)

Bank of America reissued their maintains rating on shares of 8X8 (NYSE:EGHTGet Rating) in a research note published on Friday, Benzinga reports.

Several other equities analysts have also weighed in on the stock. Mizuho decreased their target price on shares of 8X8 from $10.00 to $6.00 and set a maintains rating on the stock in a report on Thursday, July 28th. Wells Fargo & Company cut their target price on shares of 8X8 from $8.00 to $5.00 and set an underweight rating on the stock in a research note on Thursday, July 28th. William Blair reaffirmed an outperform rating on shares of 8X8 in a research note on Thursday, July 28th. Craig Hallum dropped their price objective on shares of 8X8 from $20.00 to $10.00 in a research report on Wednesday, May 11th. Finally, BTIG Research downgraded shares of 8X8 from a buy rating to a neutral rating in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, 8X8 has a consensus rating of Hold and an average target price of $11.71.

8X8 Stock Up 1.2 %

EGHT opened at $4.95 on Friday. 8X8 has a fifty-two week low of $4.35 and a fifty-two week high of $26.46. The company has a debt-to-equity ratio of 3.76, a quick ratio of 3.03 and a current ratio of 3.03. The company has a fifty day moving average of $5.81 and a two-hundred day moving average of $9.77. The stock has a market capitalization of $587.29 million, a price-to-earnings ratio of -3.13 and a beta of 1.10.

8X8 (NYSE:EGHTGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. The company had revenue of $187.60 million during the quarter, compared to analysts’ expectations of $186.79 million. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. The firm’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.34) earnings per share. On average, research analysts expect that 8X8 will post -1.24 earnings per share for the current year.

Insider Transactions at 8X8

In related news, SVP Matthew Zinn sold 22,857 shares of the firm’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $5.15, for a total value of $117,713.55. Following the completion of the sale, the senior vice president now owns 284,042 shares in the company, valued at $1,462,816.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO David Sipes sold 13,915 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 553,117 shares in the company, valued at $4,391,748.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Matthew Zinn sold 22,857 shares of the firm’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $5.15, for a total transaction of $117,713.55. Following the completion of the sale, the senior vice president now owns 284,042 shares of the company’s stock, valued at approximately $1,462,816.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 171,551 shares of company stock worth $1,031,834. Company insiders own 2.20% of the company’s stock.

Institutional Trading of 8X8

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aaron Wealth Advisors LLC purchased a new position in 8X8 during the 1st quarter valued at about $216,000. Captrust Financial Advisors increased its holdings in 8X8 by 832.8% during the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock valued at $38,000 after acquiring an additional 2,665 shares in the last quarter. US Bancorp DE increased its holdings in 8X8 by 228.4% during the 2nd quarter. US Bancorp DE now owns 5,733 shares of the technology company’s stock valued at $30,000 after acquiring an additional 3,987 shares in the last quarter. KBC Group NV purchased a new position in 8X8 during the 2nd quarter valued at about $55,000. Finally, XTX Topco Ltd purchased a new position in 8X8 during the 1st quarter valued at about $138,000. Institutional investors and hedge funds own 92.72% of the company’s stock.

About 8X8

(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. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

Further Reading

Analyst Recommendations for 8X8 (NYSE:EGHT)

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