8X8 (NASDAQ:EGHT) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of 8X8 (NASDAQ:EGHT) from a sell rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $29.00 price objective on the technology company’s stock.

According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “

A number of other equities analysts have also weighed in on EGHT. Dougherty & Co lowered shares of 8X8 from a buy rating to a neutral rating and set a $21.95 price objective on the stock. in a research report on Wednesday, May 15th. Bank of America reiterated a buy rating on shares of Continental in a research report on Wednesday, May 15th. Rosenblatt Securities reiterated a buy rating and issued a $105.00 price objective on shares of RingCentral in a research report on Monday, March 25th. BidaskClub upgraded shares of Zillow Group from a buy rating to a strong-buy rating in a research report on Tuesday, July 2nd. Finally, Stephens reiterated a buy rating and issued a $27.00 price objective on shares of 8X8 in a research report on Tuesday, May 14th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $24.85.

Shares of EGHT traded up $0.27 during mid-day trading on Tuesday, reaching $24.77. 5,482 shares of the company’s stock were exchanged, compared to its average volume of 1,276,806. The stock’s fifty day simple moving average is $24.44. 8X8 has a 52-week low of $15.13 and a 52-week high of $25.93.

8X8 (NASDAQ:EGHT) last announced its earnings results on Tuesday, May 14th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The firm had revenue of $93.80 million for the quarter, compared to analyst estimates of $92.98 million. The company’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) EPS.

Institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund lifted its holdings in 8X8 by 6.1% in 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 acquiring an additional 5,500 shares during the period. Emancipation Management LLC acquired a new position in shares of 8X8 during the 4th quarter worth $198,000. Legal & General Group Plc raised its stake in shares of 8X8 by 2.3% during the 4th quarter. Legal & General Group Plc now owns 226,256 shares of the technology company’s stock worth $4,078,000 after buying an additional 5,101 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of 8X8 by 1.0% during the 4th quarter. Principal Financial Group Inc. now owns 774,282 shares of the technology company’s stock worth $13,968,000 after buying an additional 7,557 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of 8X8 during the 4th quarter worth $14,469,000. 71.56% of the stock is 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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