8×8 Inc (EGHT) Upgraded to “Hold” by Zacks Investment Research

8×8 Inc (NASDAQ:EGHT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “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 software platform brings together cloud, mobile, collaboration, video and data science technologies. It provides 8×8 Virtual Office, a voice as a service with a robust business feature set; 8×8 Virtual Office Pro software that enables employees and workgroups to communicate with each other using chat or text messages sent via the short message service; and 8×8 Virtual Contact Center, a voice, chat, voicemail, and email call center. The company integrates its services with third-party applications and platforms, including enterprise resource planning, customer relations management, human capital management, and other proprietary application suites. It markets its services to end users through direct sales force, Website, and channel partners. “

A number of other analysts have also weighed in on the company. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. William Blair restated a “hold” rating on shares of 8×8 in a research note on Sunday, July 30th. Northland Securities set a $18.00 price objective on shares of 8×8 and gave the company a “buy” rating in a research note on Friday, July 28th. Craig Hallum downgraded shares of 8×8 from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $15.00 in a research note on Friday, July 28th. Finally, ValuEngine upgraded shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $17.30.

Shares of 8×8 (NASDAQ:EGHT) traded down 0.74% during midday trading on Tuesday, hitting $13.40. The stock had a trading volume of 243,740 shares. The firm’s market cap is $1.23 billion. The firm’s 50 day moving average price is $13.69 and its 200 day moving average price is $13.92. 8×8 has a 52-week low of $10.30 and a 52-week high of $16.80.

8×8 (NASDAQ:EGHT) last announced its earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The firm had revenue of $69.10 million during 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 firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 EPS. On average, equities research analysts expect that 8×8 will post $0.07 earnings per share for the current year.

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In other 8×8 news, CFO Mary Ellen P. Genovese purchased 11,625 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average cost of $12.78 per share, with a total value of $148,567.50. Following the acquisition, the chief financial officer now owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vikram Verma purchased 11,700 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average cost of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. Ameritas Investment Partners Inc. acquired a new position in 8×8 during the 1st quarter valued at about $116,000. Riverhead Capital Management LLC raised its position in shares of 8×8 by 85.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock worth $132,000 after buying an additional 4,184 shares in the last quarter. Flinton Capital Management LLC raised its position in shares of 8×8 by 84.8% during the 2nd quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock worth $133,000 after buying an additional 4,182 shares in the last quarter. Pinebridge Investments L.P. raised its position in shares of 8×8 by 1.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after buying an additional 209 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of 8×8 by 5.0% during the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock worth $179,000 a

According to Zacks, “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 software platform brings together cloud, mobile, collaboration, video and data science technologies. It provides 8×8 Virtual Office, a voice as a service with a robust business feature set; 8×8 Virtual Office Pro software that enables employees and workgroups to communicate with each other using chat or text messages sent via the short message service; and 8×8 Virtual Contact Center, a voice, chat, voicemail, and email call center. The company integrates its services with third-party applications and platforms, including enterprise resource planning, customer relations management, human capital management, and other proprietary application suites. It markets its services to end users through direct sales force, Website, and channel partners. “

A number of other analysts have also weighed in on the company. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. William Blair restated a “hold” rating on shares of 8×8 in a research note on Sunday, July 30th. Northland Securities set a $18.00 price objective on shares of 8×8 and gave the company a “buy” rating in a research note on Friday, July 28th. Craig Hallum downgraded shares of 8×8 from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $15.00 in a research note on Friday, July 28th. Finally, ValuEngine upgraded shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $17.30.

Shares of 8×8 (NASDAQ:EGHT) traded down 0.74% during midday trading on Tuesday, hitting $13.40. The stock had a trading volume of 243,740 shares. The firm’s market cap is $1.23 billion. The firm’s 50 day moving average price is $13.69 and its 200 day moving average price is $13.92. 8×8 has a 52-week low of $10.30 and a 52-week high of $16.80.

8×8 (NASDAQ:EGHT) last announced its earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The firm had revenue of $69.10 million during 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 firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 EPS. On average, equities research analysts expect that 8×8 will post $0.07 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: This news story was published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this news story on another domain, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/17/8x8-inc-eght-upgraded-to-hold-by-zacks-investment-research.html.

In other 8×8 news, CFO Mary Ellen P. Genovese purchased 11,625 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average cost of $12.78 per share, with a total value of $148,567.50. Following the acquisition, the chief financial officer now owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vikram Verma purchased 11,700 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average cost of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. Ameritas Investment Partners Inc. acquired a new position in 8×8 during the 1st quarter valued at about $116,000. Riverhead Capital Management LLC raised its position in shares of 8×8 by 85.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock worth $132,000 after buying an additional 4,184 shares in the last quarter. Flinton Capital Management LLC raised its position in shares of 8×8 by 84.8% during the 2nd quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock worth $133,000 after buying an additional 4,182 shares in the last quarter. Pinebridge Investments L.P. raised its position in shares of 8×8 by 1.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after buying an additional 209 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of 8×8 by 5.0% during the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock worth $179,000 after buying an additional 581 shares in the last quarter. 69.48% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for 8x8 (NASDAQ:EGHT)

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