8X8 (NASDAQ:EGHT) Downgraded by BidaskClub to “Sell”

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BidaskClub downgraded shares of 8X8 (NASDAQ:EGHT) from a hold rating to a sell rating in a report published on Tuesday morning, BidAskClub reports.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded 8X8 from a buy rating to a hold rating in a report on Friday, August 2nd. Rosenblatt Securities reaffirmed a neutral rating and set a $27.00 price objective (up from $22.50) on shares of 8X8 in a research report on Wednesday, July 24th. Oppenheimer set a $29.00 price objective on 8X8 and gave the company a buy rating in a research report on Wednesday, July 31st. Northland Securities reaffirmed a buy rating and set a $28.00 price objective on shares of 8X8 in a research report on Thursday, July 18th. Finally, B. Riley cut 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 report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. 8X8 presently has a consensus rating of Hold and a consensus target price of $26.11.

Shares of NASDAQ:EGHT opened at $23.89 on Tuesday. 8X8 has a 1-year low of $15.13 and a 1-year high of $26.67. The business has a fifty day moving average price of $24.12 and a 200-day moving average price of $23.28.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.15. The company had revenue of $96.68 million for the quarter, compared to the consensus estimate of $95.88 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. 8X8’s revenue was up 16.2% compared to the same quarter last year.

In other 8X8 news, CEO Vikram Verma acquired 4,200 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average cost of $23.54 per share, with a total value of $98,868.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund boosted its position in shares of 8X8 by 6.1% during the first quarter. New York State Common Retirement Fund now owns 95,700 shares of the technology company’s stock valued at $1,933,000 after buying an additional 5,500 shares during the last quarter. State of Alaska Department of Revenue boosted its position in 8X8 by 1.7% in the second quarter. State of Alaska Department of Revenue now owns 32,778 shares of the technology company’s stock worth $789,000 after purchasing an additional 537 shares during the last quarter. Wells Fargo & Company MN boosted its position in 8X8 by 50.4% in the first quarter. Wells Fargo & Company MN now owns 1,456,393 shares of the technology company’s stock worth $29,419,000 after purchasing an additional 488,189 shares during the last quarter. BlackRock Inc. boosted its position in 8X8 by 1.2% in the first quarter. BlackRock Inc. now owns 14,036,160 shares of the technology company’s stock worth $283,531,000 after purchasing an additional 164,424 shares during the last quarter. Finally, Aperio Group LLC boosted its position in 8X8 by 3.8% in the second quarter. Aperio Group LLC now owns 70,792 shares of the technology company’s stock worth $1,706,000 after purchasing an additional 2,607 shares during the last quarter. 71.56% of the stock is currently owned by institutional investors.

8X8 Company Profile

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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