8×8’s (EGHT) “Hold” Rating Reaffirmed at William Blair

William Blair reissued their hold rating on shares of 8×8 Inc (NASDAQ:EGHT) in a report released on Friday.

“We hosted two days of investor meetings with CEO Vik Verma, CFO Mary Ellen Genovese and the new Senior Director of Investor Relations Victoria Hyde-Dunn. We maintain our Market Perform rating on shares while the company fulfills its promise to reaccelerate growth and drive better sales and marketing efficiency . The company’s shift in product strategy and reorganization of its sales and marketing organization, which has the potential to disrupt operations in the near term, realistically speaking, is likely to persist for these moves are transformational and will position the company for long-term success in a highly competitive, but fast-growing and underpenetrated UCaaS/CCaaS market, where 8×8 continues to enjoy a recurring book of business from over 1 million users with first-mover two more quarters, but will likely pay significant dividends once executed upon.”,” William Blair’s analyst wrote.

Several other research analysts also recently commented on the company. Robert W. Baird reaffirmed a buy rating and issued a $17.00 price target on shares of 8×8 in a research report on Friday. Summit Redstone downgraded 8×8 from a buy rating to a hold rating in a research report on Friday, October 27th. B. Riley reaffirmed a hold rating and issued a $14.00 price target on shares of 8×8 in a research report on Tuesday, October 24th. Zacks Investment Research raised 8×8 from a sell rating to a hold rating in a research report on Tuesday, October 17th. Finally, ValuEngine raised 8×8 from a sell rating to a hold rating in a research report on Friday, September 1st. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $17.30.

Shares of 8×8 (NASDAQ:EGHT) traded up $0.30 during mid-day trading on Friday, hitting $14.05. The company had a trading volume of 657,975 shares, compared to its average volume of 749,424. 8×8 has a 1-year low of $10.30 and a 1-year high of $16.80.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, October 26th. The technology company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The company had revenue of $72.48 million for the quarter, compared to the consensus estimate of $71.65 million. 8×8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 EPS. research analysts predict that 8×8 will post -0.12 earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in the company. Pinebridge Investments L.P. grew its holdings in shares of 8×8 by 1.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after purchasing an additional 209 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of 8×8 by 1.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 16,812 shares of the technology company’s stock worth $245,000 after purchasing an additional 276 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of 8×8 by 0.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 37,300 shares of the technology company’s stock worth $543,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of 8×8 by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 47,735 shares of the technology company’s stock worth $695,000 after purchasing an additional 400 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of 8×8 by 5.0% during the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock worth $179,000 after purchasing an additional 581 shares in the last quarter. 67.15% of the stock is currently owned by institutional investors.

About 8×8

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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