Zacks Investment Research Lowers 8×8, Inc. (EGHT) to Sell

Zacks Investment Research cut shares of 8×8, Inc. (NASDAQ:EGHT) from a hold rating to a sell rating in a report issued on Friday.

According to Zacks, “8X8, Inc. (formerly Netergy Networks Inc.), and its two subsidiaries, Netergy Microelectronics and Centile, Inc., are providers of IP-based services, service creation environment and delivery tools, and embedded network appliance technology to help communication service providers and telecommunication equipment manufacturers succeed in the New Telecom Landscape, where voice, data and video converge into an ubiquitous IP network. “

A number of other brokerages have also recently issued reports on EGHT. Robert W. Baird upgraded 8×8 from a neutral rating to an outperform rating and boosted their price objective for the stock from $15.00 to $17.00 in a report on Monday, December 12th. B. Riley restated a neutral rating and set a $14.00 price objective on shares of 8×8 in a report on Saturday, January 28th. Needham & Company LLC boosted their price objective on 8×8 from $17.00 to $18.00 and gave the stock a buy rating in a report on Thursday, January 26th. Finally, Barclays PLC boosted their price objective on 8×8 from $17.00 to $18.00 and gave the stock an overweight rating in a report on Thursday, January 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. 8×8 has a consensus rating of Buy and a consensus price target of $16.78.

Shares of 8×8 (NASDAQ:EGHT) traded down 1.02% on Friday, reaching $14.55. The company’s stock had a trading volume of 809,834 shares. 8×8 has a 52 week low of $11.05 and a 52 week high of $16.80. The stock has a 50-day moving average of $14.86 and a 200 day moving average of $14.84. The stock’s market capitalization is $1.32 billion.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. 8×8 had a positive return on equity of 1.85% and a negative net margin of 1.19%. The company earned $63.68 million during the quarter, compared to analysts’ expectations of $63.51 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The business’s revenue was up 19.8% on a year-over-year basis. On average, analysts expect that 8×8 will post $0.21 EPS for the current year.

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In other news, insider Bryan R. Martin sold 100,000 shares of the company’s stock in a transaction on Friday, February 10th. The shares were sold at an average price of $15.61, for a total transaction of $1,561,000.00. Following the completion of the transaction, the insider now directly owns 972,819 shares in the company, valued at $15,185,704.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric Salzman sold 25,000 shares of the stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $15.41, for a total value of $385,250.00. Following the completion of the sale, the director now owns 73,096 shares of the company’s stock, valued at $1,126,409.36. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of EGHT. State of Alaska Department of Revenue increased its stake in 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock worth $153,000 after buying an additional 210 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in 8×8 by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 37,000 shares of the technology company’s stock worth $564,000 after buying an additional 600 shares during the last quarter. Juncture Wealth Strategies LLC increased its stake in 8×8 by 7.8% in the first quarter. Juncture Wealth Strategies LLC now owns 74,213 shares of the technology company’s stock worth $1,132,000 after buying an additional 5,374 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in 8×8 during the fourth quarter worth $307,000. Finally, Norges Bank bought a new stake in 8×8 during the fourth quarter worth $3,170,000. Institutional investors and hedge funds own 70.83% of the company’s stock.

8×8 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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