8X8 (NASDAQ:EGHT) Reaches New 1-Year High at $25.04

8×8, Inc. (NASDAQ:EGHT)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $25.04 and last traded at $24.93, with a volume of 9517 shares. The stock had previously closed at $24.18.

A number of brokerages have recently commented on EGHT. BidaskClub lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Dougherty & Co lowered shares of 8X8 from a “buy” rating to a “neutral” rating and set a $21.95 price target on the stock. in a report on Wednesday, May 15th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target (up previously from $22.00) on shares of 8X8 in a report on Wednesday, May 15th. Stephens reissued a “buy” rating and issued a $27.00 price target on shares of 8X8 in a report on Tuesday, May 14th. Finally, Bank of America increased their price target on shares of 8X8 from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $23.27.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, May 14th. The technology company reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). The company had revenue of $93.80 million for the quarter, compared to the consensus estimate of $92.98 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. The business’s revenue was up 18.3% compared to the same quarter last year.

In related news, EVP Dejan Deklich sold 36,136 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $22.06, for a total transaction of $797,160.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 4.40% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Buffington Mohr McNeal bought a new stake in 8X8 in the 1st quarter worth $28,000. Bank of Montreal Can grew its holdings in 8X8 by 21.9% in the 4th quarter. Bank of Montreal Can now owns 3,857 shares of the technology company’s stock worth $69,000 after acquiring an additional 692 shares during the last quarter. LS Investment Advisors LLC grew its holdings in 8X8 by 108.0% in the 4th quarter. LS Investment Advisors LLC now owns 5,586 shares of the technology company’s stock worth $101,000 after acquiring an additional 2,901 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in 8X8 by 31.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,407 shares of the technology company’s stock worth $116,000 after acquiring an additional 1,527 shares during the last quarter. Finally, Financial Counselors Inc. bought a new stake in 8X8 in the 1st quarter worth $207,000. 71.56% of the stock is currently owned by institutional investors and hedge funds.

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About 8X8 (NASDAQ:EGHT)

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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