Oppenheimer Reiterates “Buy” Rating for 8X8 (NYSE:EGHT)
Oppenheimer restated their buy rating on shares of 8X8 (NYSE:EGHT) in a research note released on Thursday, TipRanks reports. Oppenheimer currently has a $29.00 price objective on the technology company’s stock.
A number of other equities research analysts have also weighed in on EGHT. Needham & Company LLC restated a buy rating and set a $25.00 price objective on shares of 8X8 in a research report on Tuesday, May 19th. Northland Securities started coverage on 8X8 in a research report on Friday, June 19th. They issued a buy rating and a $23.00 price target on the stock. Zacks Investment Research lowered 8X8 from a hold rating to a sell rating in a research report on Wednesday, July 22nd. Craig Hallum dropped their price objective on 8X8 from $25.00 to $22.00 and set a hold rating on the stock in a research note on Wednesday, May 13th. Finally, BTIG Research boosted their price objective on 8X8 from $20.00 to $23.00 and gave the company a buy rating in a research note on Wednesday, May 13th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. 8X8 currently has an average rating of Hold and a consensus price target of $21.27.
NYSE:EGHT traded down $1.20 during mid-day trading on Thursday, hitting $15.90. 3,301,213 shares of the stock were exchanged, compared to its average volume of 1,538,581. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -8.93 and a beta of 0.98. The company has a debt-to-equity ratio of 1.53, a quick ratio of 2.25 and a current ratio of 2.25. The firm’s 50-day simple moving average is $15.79 and its 200 day simple moving average is $16.88. 8X8 has a fifty-two week low of $10.70 and a fifty-two week high of $25.40.
In other news, CEO Vikram Verma sold 2,852 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $16.47, for a total value of $46,972.44. Following the completion of the sale, the chief executive officer now directly owns 10,988 shares of the company’s stock, valued at $180,972.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders sold 8,042 shares of company stock valued at $130,132. Company insiders own 3.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Front Row Advisors LLC bought a new stake in shares of 8X8 during the 1st quarter valued at $26,000. Tower Research Capital LLC TRC grew its stake in 8X8 by 1,690.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 3,384 shares of the technology company’s stock valued at $47,000 after acquiring an additional 3,195 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in shares of 8X8 by 24.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 4,491 shares of the technology company’s stock valued at $62,000 after buying an additional 871 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of 8X8 by 786.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 7,000 shares of the technology company’s stock valued at $97,000 after buying an additional 6,210 shares in the last quarter. Finally, Advisor Group Holdings Inc. bought a new stake in shares of 8X8 in the 1st quarter valued at approximately $101,000. 98.28% 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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