8X8 (NASDAQ:EGHT) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of 8X8 (NASDAQ:EGHTFree Report) in a research report released on Monday morning, Benzinga reports. They currently have a $3.50 price target on the stock.

EGHT has been the topic of several other reports. Rosenblatt Securities reissued a buy rating and issued a $4.00 target price on shares of 8X8 in a report on Monday, March 18th. Morgan Stanley decreased their target price on 8X8 from $3.80 to $3.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Finally, StockNews.com cut shares of 8X8 from a buy rating to a hold rating in a report on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $3.54.

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8X8 Stock Performance

NASDAQ:EGHT opened at $2.81 on Monday. The stock has a 50 day simple moving average of $2.52 and a 200 day simple moving average of $2.95. The stock has a market cap of $346.81 million, a P/E ratio of -5.11 and a beta of 1.46. 8X8 has a 1-year low of $2.12 and a 1-year high of $4.88. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 4.02.

8X8 (NASDAQ:EGHTGet Free Report) last posted its earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The company had revenue of $179.41 million during the quarter, compared to the consensus estimate of $178.85 million. During the same quarter last year, the firm earned ($0.03) earnings per share. The company’s revenue was down 2.8% on a year-over-year basis. Research analysts anticipate that 8X8 will post -0.07 earnings per share for the current year.

Insider Activity at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at approximately $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 32,289 shares of company stock worth $81,979 in the last quarter. 1.08% of the stock is owned by insiders.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently made changes to their positions in EGHT. Sylebra Capital LLC bought a new stake in shares of 8X8 in the 3rd quarter valued at $36,261,000. Kent Lake Capital LLC bought a new stake in 8X8 during the fourth quarter valued at $10,395,000. Aigen Investment Management LP bought a new stake in 8X8 during the third quarter valued at $63,000. DekaBank Deutsche Girozentrale acquired a new stake in 8X8 during the 3rd quarter worth about $65,000. Finally, Bailard Inc. bought a new position in shares of 8X8 in the 4th quarter worth about $271,000. Institutional investors own 93.99% of the company’s stock.

About 8X8

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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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