8X8 (EGHT) – Analysts’ Weekly Ratings Changes

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Several analysts have recently updated their ratings and price targets for 8X8 (NASDAQ: EGHT):

  • 8/2/2019 – 8X8 was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “
  • 7/31/2019 – 8X8 was downgraded by analysts at B. Riley from a “neutral” rating to a “sell” rating. They now have a $18.50 price target on the stock, up previously from $17.50.
  • 7/31/2019 – 8X8 had its price target raised by analysts at Morgan Stanley from $26.00 to $28.00. They now have an “overweight” rating on the stock.
  • 7/31/2019 – 8X8 had its price target raised by analysts at Bank of America Corp from $25.00 to $28.00. They now have a “neutral” rating on the stock.
  • 7/31/2019 – 8X8 was given a new $30.00 price target on by analysts at Stifel Nicolaus. They now have a “buy” rating on the stock.
  • 7/31/2019 – 8X8 was given a new $29.00 price target on by analysts at Oppenheimer Holdings Inc.. They now have a “buy” rating on the stock.
  • 7/31/2019 – 8X8 was upgraded by analysts at Dougherty & Co from a “neutral” rating to a “buy” rating.
  • 7/24/2019 – 8X8 had its “neutral” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $27.00 price target on the stock, up previously from $22.50.
  • 7/18/2019 – 8X8 had its “hold” rating reaffirmed by analysts at Craig Hallum. They now have a $25.00 price target on the stock, up previously from $19.00.
  • 7/18/2019 – 8X8 had its price target raised by analysts at Needham & Company LLC from $25.00 to $28.00. They now have a “buy” rating on the stock.
  • 7/18/2019 – 8X8 had its “buy” rating reaffirmed by analysts at Northland Securities. They now have a $28.00 price target on the stock. They wrote, “We believe the number of use cases for API/CPaaS is almost limitless, helping to generate the market growth. Among the categories we cover of API/CPaaS is the fastest grower we believe. 8×8 can now offer API/CPaaS via its own technology. API/CPaaS can also be complementary to CCaaS customers. API/CPaaS enables 8×8 to more quickly capture customers than a UCaaS or CCaaS sale cycle might; although the buyers within companies to date have often been different people. 8×8 highlights growth acceleration, expansion internationally and deepening of tech expertise as rationales for the acquisition. We’d expect 8×8’s scale, R&D and global reach to help Wavecell as well. Transaction. 8×8 is paying $125 million ($69 mil cash, $59 mil stock) for Wavecell, or under 4x CY19 revs.””
  • 7/16/2019 – 8X8 was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “buy” rating. They now have a $29.00 price target on the stock. According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “
  • 7/2/2019 – 8X8 was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 6/26/2019 – 8X8 was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 6/19/2019 – 8X8 was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 6/11/2019 – 8X8 was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.

Shares of NASDAQ EGHT traded up $0.18 during mid-day trading on Friday, hitting $25.19. 696,113 shares of the company’s stock traded hands, compared to its average volume of 1,334,219. The business has a 50-day moving average of $24.65. 8×8, Inc. has a 1 year low of $15.13 and a 1 year high of $26.67.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.15. The firm had revenue of $96.68 million during the quarter, compared to analysts’ expectations of $95.88 million. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share.

In related news, CEO Vikram Verma purchased 4,200 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was acquired at an average price of $23.54 per share, with a total value of $98,868.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in 8X8 by 18.1% during the fourth quarter. Bank of America Corp DE now owns 196,230 shares of the technology company’s stock valued at $3,540,000 after purchasing an additional 30,090 shares during the period. Legal & General Group Plc increased its holdings in shares of 8X8 by 2.3% in the fourth quarter. Legal & General Group Plc now owns 226,256 shares of the technology company’s stock worth $4,078,000 after buying an additional 5,101 shares during the period. Amalgamated Bank purchased a new position in shares of 8X8 in the fourth quarter worth about $260,000. Norges Bank purchased a new position in shares of 8X8 in the fourth quarter worth about $14,469,000. Finally, Geode Capital Management LLC increased its holdings in 8X8 by 12.8% during the 4th quarter. Geode Capital Management LLC now owns 1,031,910 shares of the technology company’s stock valued at $18,614,000 after purchasing an additional 117,337 shares during the period. 71.56% of the stock is owned by institutional investors.

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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