8X8’s (EGHT) “Buy” Rating Reiterated at Stephens

8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating restated by analysts at Stephens in a report issued on Tuesday, AnalystRatings.com reports. They currently have a $27.00 price target on the technology company’s stock. Stephens’ price target indicates a potential upside of 13.78% from the stock’s previous close.

The analysts wrote, “We reiterate our Overweight/Vol. rating on improving execution and channel sales growth, and are buyers on the dip as the outlook appears conservative given improved near-term metrics.””

A number of other analysts have also recently weighed in on EGHT. BidaskClub raised 8X8 from a “hold” rating to a “buy” rating in a research report on Tuesday, February 12th. Needham & Company LLC decreased their price objective on 8X8 from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a research report on Thursday, January 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.50 price objective on shares of 8X8 in a research report on Thursday, January 31st. Finally, Guggenheim initiated coverage on 8X8 in a research report on Monday, March 11th. They set a “neutral” rating and a $20.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $22.81.



8X8 stock traded up $0.27 during mid-day trading on Tuesday, reaching $23.73. The stock had a trading volume of 1,330,421 shares, compared to its average volume of 1,250,061. 8X8 has a one year low of $15.13 and a one year high of $24.39.

In other news, EVP Dejan Deklich sold 36,136 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $22.06, for a total value of $797,160.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in 8X8 by 3.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,095,751 shares of the technology company’s stock valued at $23,286,000 after purchasing an additional 40,321 shares in the last quarter. JPMorgan Chase & Co. increased its stake in 8X8 by 45.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,986 shares of the technology company’s stock valued at $2,910,000 after purchasing an additional 42,563 shares in the last quarter. LPL Financial LLC purchased a new position in 8X8 in the 3rd quarter valued at approximately $517,000. AQR Capital Management LLC increased its stake in 8X8 by 81.5% in the 3rd quarter. AQR Capital Management LLC now owns 121,105 shares of the technology company’s stock valued at $2,573,000 after purchasing an additional 54,379 shares in the last quarter. Finally, Teachers Advisors LLC increased its stake in 8X8 by 3.8% in the 3rd quarter. Teachers Advisors LLC now owns 173,058 shares of the technology company’s stock valued at $3,677,000 after purchasing an additional 6,301 shares in the last quarter. 71.56% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.

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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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