BidaskClub lowered shares of 8X8 (NASDAQ:EGHT) from a hold rating to a sell rating in a research note issued to investors on Tuesday, BidAskClub reports.

Other analysts have also issued research reports about the company. Stifel Nicolaus set a $30.00 price objective on 8X8 and gave the company a buy rating in a research note on Wednesday, July 31st. Oppenheimer set a $29.00 price objective on 8X8 and gave the company a buy rating in a research note on Wednesday, July 31st. Northland Securities reissued a buy rating and set a $28.00 price objective on shares of 8X8 in a research note on Thursday, July 18th. Needham & Company LLC increased their price objective on 8X8 from $25.00 to $28.00 and gave the company a buy rating in a research note on Thursday, July 18th. Finally, B. Riley lowered 8X8 from a neutral rating to a sell rating and increased their price objective for the company from $17.50 to $18.50 in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $26.11.

Shares of EGHT opened at $23.89 on Tuesday. The stock has a 50 day simple moving average of $24.12 and a two-hundred day simple moving average of $23.28. 8X8 has a 1 year low of $15.13 and a 1 year high of $26.67.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, July 30th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS.

In related news, CEO Vikram Verma acquired 4,200 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was purchased at an average price of $23.54 per share, with a total value of $98,868.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of 8X8 by 0.6% during the second quarter. BlackRock Inc. now owns 14,122,984 shares of the technology company’s stock valued at $340,364,000 after acquiring an additional 86,824 shares in the last quarter. Vista Equity Partners Management LLC bought a new position in shares of 8X8 during the second quarter valued at approximately $10,344,000. Waddell & Reed Financial Inc. raised its holdings in shares of 8X8 by 59.9% during the second quarter. Waddell & Reed Financial Inc. now owns 3,167,976 shares of the technology company’s stock valued at $76,348,000 after acquiring an additional 1,187,093 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of 8X8 during the second quarter valued at approximately $9,437,000. Finally, Sylebra Capital Ltd raised its holdings in shares of 8X8 by 2,849.6% during the second quarter. Sylebra Capital Ltd now owns 4,238,543 shares of the technology company’s stock valued at $102,149,000 after acquiring an additional 4,094,842 shares in 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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