Craig Hallum Upgrades 8X8 (NYSE:EGHT) to “Buy”

Craig Hallum upgraded shares of 8X8 (NYSE:EGHTGet Rating) from a hold rating to a buy rating in a research report sent to investors on Friday, MarketBeat.com reports.

EGHT has been the subject of a number of other research reports. Evercore ISI reiterated a neutral rating and set a $6.00 price objective on shares of 8X8 in a research note on Friday, June 24th. BTIG Research lowered shares of 8X8 from a buy rating to a neutral rating in a research report on Thursday, July 28th. Oppenheimer lowered 8X8 from an outperform rating to a market perform rating in a research report on Friday. Bank of America dropped their price target on shares of 8X8 from $10.00 to $7.00 and set a neutral rating for the company in a research note on Thursday, July 28th. Finally, Needham & Company LLC dropped their price target on shares of 8X8 from $13.00 to $8.00 and set a buy rating for the company in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, 8X8 has a consensus rating of Hold and an average price target of $11.54.

8X8 Trading Up 3.0 %

Shares of EGHT stock opened at $4.49 on Friday. 8X8 has a 1 year low of $4.22 and a 1 year high of $25.99. The company has a debt-to-equity ratio of 3.76, a current ratio of 3.03 and a quick ratio of 3.03. The stock’s 50 day simple moving average is $5.64 and its two-hundred day simple moving average is $9.55. The company has a market cap of $538.64 million, a PE ratio of -2.84 and a beta of 1.10.

8X8 (NYSE:EGHTGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.06. The company had revenue of $187.60 million for the quarter, compared to analysts’ expectations of $186.79 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. 8X8’s revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. Research analysts predict that 8X8 will post -1.24 earnings per share for the current year.

Insider Transactions at 8X8

In other news, CEO David Sipes sold 13,915 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $7.94, for a total transaction of $110,485.10. Following the completion of the transaction, the chief executive officer now directly owns 553,117 shares of the company’s stock, valued at approximately $4,391,748.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other 8X8 news, CEO David Sipes sold 13,915 shares of 8X8 stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $7.94, for a total value of $110,485.10. Following the completion of the sale, the chief executive officer now directly owns 553,117 shares of the company’s stock, valued at approximately $4,391,748.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Samuel C. Wilson sold 23,732 shares of 8X8 stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $5.27, for a total transaction of $125,067.64. Following the completion of the sale, the chief financial officer now directly owns 216,804 shares of the company’s stock, valued at $1,142,557.08. The disclosure for this sale can be found here. Insiders sold a total of 171,551 shares of company stock valued at $1,031,834 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. M&T Bank Corp grew its stake in shares of 8X8 by 11.0% during the 2nd quarter. M&T Bank Corp now owns 107,924 shares of the technology company’s stock valued at $557,000 after buying an additional 10,692 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of 8X8 by 1,381.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 279,777 shares of the technology company’s stock valued at $1,441,000 after buying an additional 260,893 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of 8X8 by 93.8% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 21,521 shares of the technology company’s stock valued at $111,000 after buying an additional 10,418 shares during the period. Factorial Partners LLC grew its stake in shares of 8X8 by 163.0% during the 2nd quarter. Factorial Partners LLC now owns 71,000 shares of the technology company’s stock valued at $366,000 after buying an additional 44,000 shares during the period. Finally, US Bancorp DE grew its stake in shares of 8X8 by 228.4% during the 2nd quarter. US Bancorp DE now owns 5,733 shares of the technology company’s stock valued at $30,000 after buying an additional 3,987 shares during the period. 92.72% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

(Get Rating)

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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