BidaskClub upgraded shares of 8X8 (NASDAQ:EGHT) from a buy rating to a strong-buy rating in a report published on Friday, February 16th.
EGHT has been the topic of several other research reports. Zacks Investment Research upgraded shares of 8X8 from a sell rating to a hold rating in a research note on Monday, January 29th. Summit Redstone cut shares of 8X8 from a buy rating to a hold rating in a research note on Friday, October 27th. B. Riley reiterated a hold rating and set a $14.00 price target on shares of 8X8 in a research note on Tuesday, January 23rd. William Blair reiterated a hold rating on shares of 8X8 in a research note on Tuesday, January 23rd. Finally, Needham & Company LLC restated a buy rating and set a $19.00 target price (up previously from $16.00) on shares of 8X8 in a research note on Friday, January 26th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. 8X8 has an average rating of Buy and a consensus price target of $18.60.
8X8 (EGHT) traded up $0.10 during trading hours on Friday, reaching $19.45. 508,399 shares of the company’s stock were exchanged, compared to its average volume of 1,002,186. 8X8 has a fifty-two week low of $10.30 and a fifty-two week high of $20.05. The company has a market cap of $1,780.00, a P/E ratio of -24.94 and a beta of 0.67.
In other 8X8 news, insider Bryan R. Martin sold 100,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $17.86, for a total value of $1,786,000.00. Following the sale, the insider now owns 1,001,010 shares in the company, valued at approximately $17,878,038.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dejan Deklich sold 9,300 shares of the business’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $19.70, for a total transaction of $183,210.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,300 shares of company stock worth $2,116,970. 4.40% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in 8X8 by 2,952.5% during the 4th quarter. Millennium Management LLC now owns 1,055,821 shares of the technology company’s stock valued at $14,887,000 after purchasing an additional 1,021,232 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in 8X8 during the third quarter valued at approximately $13,203,000. Kornitzer Capital Management Inc. KS lifted its position in 8X8 by 154.3% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 1,462,450 shares of the technology company’s stock valued at $20,621,000 after acquiring an additional 887,385 shares during the last quarter. Southpoint Capital Advisors LP lifted its position in 8X8 by 42.9% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,000,000 shares of the technology company’s stock valued at $28,200,000 after acquiring an additional 600,000 shares during the last quarter. Finally, Hunt Lane Capital LP lifted its position in 8X8 by 17.7% during the fourth quarter. Hunt Lane Capital LP now owns 3,860,000 shares of the technology company’s stock valued at $54,426,000 after acquiring an additional 580,000 shares during the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.
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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