Needham & Company LLC Reaffirms Buy Rating for 8X8 (EGHT)

Needham & Company LLC restated their buy rating on shares of 8X8 (NASDAQ:EGHT) in a research report released on Wednesday, Briefing.com Automated Import reports. Needham & Company LLC currently has a $25.00 price objective on the technology company’s stock, up from their previous price objective of $22.00.

A number of other research analysts have also weighed in on EGHT. Stephens reaffirmed a buy rating and issued a $27.00 price target on shares of 8X8 in a research note on Tuesday. Zacks Investment Research raised shares of 8X8 from a sell rating to a hold rating in a research note on Thursday, March 21st. Dougherty & Co lowered shares of 8X8 from a buy rating to a neutral rating and set a $21.95 price target on the stock. in a research note on Wednesday. Rosenblatt Securities reaffirmed a buy rating and issued a $22.50 price target on shares of 8X8 in a research note on Monday, March 25th. Finally, BidaskClub raised shares of 8X8 from a buy rating to a strong-buy rating in a research note on Tuesday, April 16th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $23.27.

8X8 stock traded down $0.10 during midday trading on Wednesday, hitting $23.63. 1,060,487 shares of the stock were exchanged, compared to its average volume of 1,293,164. 8X8 has a 52 week low of $15.13 and a 52 week high of $24.39.



8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, May 14th. The technology company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). The business had revenue of $93.80 million for the quarter, compared to analysts’ expectations of $92.98 million. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. The business’s quarterly revenue was up 18.3% on a year-over-year basis.

In other news, EVP Dejan Deklich sold 36,136 shares of 8X8 stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $22.06, for a total value of $797,160.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of 8X8 by 1.2% in the first quarter. BlackRock Inc. now owns 14,036,160 shares of the technology company’s stock valued at $283,531,000 after purchasing an additional 164,424 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of 8X8 by 35.6% in the third quarter. Vanguard Group Inc. now owns 7,425,058 shares of the technology company’s stock valued at $157,783,000 after purchasing an additional 1,950,763 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of 8X8 by 7.2% in the first quarter. First Trust Advisors LP now owns 4,375,246 shares of the technology company’s stock valued at $88,380,000 after purchasing an additional 295,759 shares during the last quarter. Polar Capital LLP raised its holdings in shares of 8X8 by 64.9% in the fourth quarter. Polar Capital LLP now owns 2,516,926 shares of the technology company’s stock valued at $45,405,000 after purchasing an additional 990,845 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of 8X8 by 22.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,795,968 shares of the technology company’s stock valued at $32,400,000 after purchasing an additional 326,785 shares during the last quarter. Institutional investors own 71.56% of the company’s stock.

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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