Needham & Company LLC reissued their buy rating on shares of 8X8 (NASDAQ:EGHT – Free Report) in a report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $5.00 price objective on the stock.
A number of other research analysts have also recently weighed in on the company. Rosenblatt Securities dropped their price target on 8X8 from $4.50 to $4.00 and set a buy rating for the company in a research report on Thursday, January 18th. StockNews.com began coverage on 8X8 in a research report on Thursday, October 5th. They set a buy rating for the company. Craig Hallum upgraded 8X8 from a hold rating to a buy rating and set a $4.50 price objective for the company in a research report on Thursday, November 2nd. Barclays dropped their price objective on 8X8 from $4.00 to $2.50 and set an equal weight rating for the company in a research report on Thursday, November 2nd. Finally, Morgan Stanley dropped their price objective on 8X8 from $4.00 to $3.30 and set an equal weight rating for the company in a research report on Thursday, October 19th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $3.72.
8X8 Trading Up 0.7 %
Insider Buying and Selling at 8X8
In other 8X8 news, CAO Suzy M. Seandel sold 8,800 shares of 8X8 stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $3.31, for a total value of $29,128.00. Following the completion of the sale, the chief accounting officer now owns 275,346 shares in the company, valued at approximately $911,395.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Hunter Middleton sold 8,464 shares of 8X8 stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $3.53, for a total value of $29,877.92. Following the transaction, the insider now directly owns 438,887 shares of the company’s stock, valued at approximately $1,549,271.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Suzy M. Seandel sold 8,800 shares of 8X8 stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $3.31, for a total value of $29,128.00. Following the completion of the transaction, the chief accounting officer now directly owns 275,346 shares in the company, valued at $911,395.26. The disclosure for this sale can be found here. Insiders sold 74,854 shares of company stock worth $263,464 in the last 90 days. 1.08% of the stock is owned by company insiders.
Hedge Funds Weigh In On 8X8
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bailard Inc. acquired a new position in shares of 8X8 in the 4th quarter valued at about $271,000. New York State Common Retirement Fund lifted its stake in shares of 8X8 by 26.4% in the 4th quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock valued at $145,000 after purchasing an additional 8,014 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of 8X8 by 34.3% in the 4th quarter. Mackenzie Financial Corp now owns 84,687 shares of the company’s stock valued at $320,000 after purchasing an additional 21,613 shares in the last quarter. Legato Capital Management LLC acquired a new position in 8X8 during the 4th quarter worth approximately $855,000. Finally, SG Americas Securities LLC lifted its position in 8X8 by 47.5% during the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock worth $107,000 after acquiring an additional 9,074 shares in the last quarter. 99.89% of the stock is owned by institutional investors and hedge funds.
8X8 Company Profile
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 provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.
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