William Blair Reiterates Hold Rating for 8X8 (NASDAQ:EGHT)

William Blair restated their hold rating on shares of 8X8 (NASDAQ:EGHT) in a research note published on Friday, November 17th.

“We hosted two days of investor meetings with CEO Vik Verma, CFO Mary Ellen Genovese and the new Senior Director of Investor Relations Victoria Hyde-Dunn. We maintain our Market Perform rating on shares while the company fulfills its promise to reaccelerate growth and drive better sales and marketing efficiency . The company’s shift in product strategy and reorganization of its sales and marketing organization, which has the potential to disrupt operations in the near term, realistically speaking, is likely to persist for these moves are transformational and will position the company for long-term success in a highly competitive, but fast-growing and underpenetrated UCaaS/CCaaS market, where 8×8 continues to enjoy a recurring book of business from over 1 million users with first-mover two more quarters, but will likely pay significant dividends once executed upon.”,” the firm’s analyst wrote.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird reissued a buy rating and issued a $17.00 price objective on shares of 8X8 in a report on Friday, November 17th. Summit Redstone lowered shares of 8X8 from a buy rating to a hold rating in a research note on Friday, October 27th. B. Riley reaffirmed a hold rating and set a $14.00 target price on shares of 8X8 in a research note on Tuesday, October 24th. Zacks Investment Research raised shares of 8X8 from a sell rating to a hold rating in a research note on Tuesday, October 17th. Finally, ValuEngine raised shares of 8X8 from a sell rating to a hold rating in a research note on Friday, September 1st. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $17.30.

8X8 (NASDAQ:EGHT) opened at $14.32 on Friday. 8X8 has a 12-month low of $10.30 and a 12-month high of $16.80.

8X8 (NASDAQ:EGHT) last issued its earnings results on Thursday, October 26th. The technology company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The business had revenue of $72.48 million during the quarter, compared to analysts’ expectations of $71.65 million. During the same period in the prior year, the business earned $0.06 earnings per share. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. research analysts anticipate that 8X8 will post -0.12 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. OppenheimerFunds Inc. acquired a new stake in 8X8 during the first quarter worth approximately $219,000. Vanguard Group Inc. increased its holdings in shares of 8X8 by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 4,760,026 shares of the technology company’s stock valued at $72,590,000 after acquiring an additional 321,314 shares during the period. Geode Capital Management LLC increased its holdings in shares of 8X8 by 5.5% in the 1st quarter. Geode Capital Management LLC now owns 738,372 shares of the technology company’s stock valued at $11,259,000 after acquiring an additional 38,678 shares during the period. BlackRock Inc. increased its holdings in shares of 8X8 by 120,530.1% in the 1st quarter. BlackRock Inc. now owns 10,695,065 shares of the technology company’s stock valued at $163,100,000 after acquiring an additional 10,686,199 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of 8X8 by 8.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 373,387 shares of the technology company’s stock valued at $5,695,000 after acquiring an additional 28,717 shares during the period. 71.56% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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