8X8 (NYSE:EGHT)‘s stock had its “buy” rating reaffirmed by stock analysts at Stephens in a report issued on Friday, AnalystRatings.com reports.
Several other brokerages have also weighed in on EGHT. Wells Fargo & Co lowered their price objective on 8X8 from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Northland Securities assumed coverage on 8X8 in a research report on Friday, June 19th. They set a “buy” rating and a $23.00 price target on the stock. Rosenblatt Securities lifted their price objective on shares of 8X8 from $15.00 to $17.50 and gave the stock a “neutral” rating in a report on Monday, July 27th. B. Riley dropped their target price on shares of 8X8 from $13.00 to $12.00 and set a “sell” rating on the stock in a report on Wednesday, May 13th. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $29.00 price target on shares of 8X8 in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $21.27.
8X8 stock opened at $15.90 on Friday. 8X8 has a 52 week low of $10.70 and a 52 week high of $25.40. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.53. The stock has a market cap of $1.65 billion, a P/E ratio of -8.93 and a beta of 0.98. The stock has a 50 day moving average of $15.79 and a 200-day moving average of $16.88.
In other news, CEO Vikram Verma sold 2,852 shares of the firm’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $16.47, for a total transaction of $46,972.44. Following the transaction, the chief executive officer now directly owns 10,988 shares of the company’s stock, valued at $180,972.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 8,042 shares of company stock valued at $130,132. Company insiders own 3.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its holdings in 8X8 by 1.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 40,436 shares of the technology company’s stock worth $647,000 after purchasing an additional 700 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of 8X8 by 0.5% in the fourth quarter. Alliancebernstein L.P. now owns 154,206 shares of the technology company’s stock valued at $2,822,000 after buying an additional 830 shares during the period. Mutual of America Capital Management LLC boosted its stake in 8X8 by 24.1% during the first quarter. Mutual of America Capital Management LLC now owns 4,491 shares of the technology company’s stock valued at $62,000 after buying an additional 871 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in 8X8 by 13.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,797 shares of the technology company’s stock worth $141,000 after acquiring an additional 1,064 shares during the period. Finally, Mason Street Advisors LLC raised its position in 8X8 by 3.5% in the fourth quarter. Mason Street Advisors LLC now owns 34,909 shares of the technology company’s stock worth $639,000 after acquiring an additional 1,195 shares in the last quarter. Institutional investors and hedge funds own 98.28% of the company’s stock.
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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