Finally Time to Make a Move? Oppenheimer Initiates Coverage On 8×8 (NASDAQ:EGHT) with $25 Price Target

April 20, 2018 - By Clifton Ray

8x8, Inc. (NYSE:EGHT) Logo

Investors sentiment decreased to 0.91 in 2017 Q4. Its down 0.15, from 1.06 in 2017Q3. It worsened, as 26 investors sold 8×8, Inc. shares while 51 reduced holdings. 24 funds opened positions while 46 raised stakes. 60.69 million shares or 3.79% more from 58.47 million shares in 2017Q3 were reported.

Cubist Systematic Strategies Ltd Liability Corporation accumulated 7,907 shares or 0.01% of the stock. Point72 Asia (Hong Kong) Limited accumulated 7,453 shares. Jpmorgan Chase & holds 0% or 188,085 shares. Morgan Stanley owns 190,595 shares for 0% of their portfolio. Arizona State Retirement holds 154,548 shares. Pnc Fincl Svcs Group Inc invested in 0% or 1,732 shares. Roanoke Asset Management Corp New York reported 16,500 shares. Sei has 6,993 shares for 0% of their portfolio. Ls Inv Advsr Ltd owns 2,514 shares. Moreover, Amalgamated Bancorporation has 0% invested in 8×8, Inc. (NYSE:EGHT) for 12,954 shares. Piedmont Invest Advisors Ltd Liability has invested 0.01% in 8×8, Inc. (NYSE:EGHT). Reilly Advsr Ltd Liability Com invested in 0% or 2,000 shares. Credit Suisse Ag holds 0% of its portfolio in 8×8, Inc. (NYSE:EGHT) for 90,654 shares. State Bank Of Ny Mellon invested 0% of its portfolio in 8×8, Inc. (NYSE:EGHT). State Of Tennessee Treasury Department holds 0% or 70,899 shares in its portfolio.

Since January 30, 2018, it had 0 insider purchases, and 3 selling transactions for $2.12 million activity. Shares for $147,760 were sold by Hakeman Darren J. on Friday, February 16. Another trade for 100,000 shares valued at $1.79M was made by MARTIN BRYAN R on Tuesday, January 30.

Why Has Oppenheimer Given 8×8 (NASDAQ:EGHT) a $25 Price Target

Expert analysts at Oppenheimer gave a key Outperform rating for 8×8 (NASDAQ:EGHT). The firm has begun coverage in an analyst note revealed to clients and investors on Thursday morning. The target price per share would indicate upside of 23.76 % from the last close price.

Investors sentiment decreased to 0.91 in 2017 Q4. Its down 0.15, from 1.06 in 2017Q3. It worsened, as 26 investors sold 8×8, Inc. shares while 51 reduced holdings. 24 funds opened positions while 46 raised stakes. 60.69 million shares or 3.79% more from 58.47 million shares in 2017Q3 were reported.

Cubist Systematic Strategies Ltd Liability Corporation accumulated 7,907 shares or 0.01% of the stock. Point72 Asia (Hong Kong) Limited accumulated 7,453 shares. Jpmorgan Chase & holds 0% or 188,085 shares. Morgan Stanley owns 190,595 shares for 0% of their portfolio. Arizona State Retirement holds 154,548 shares. Pnc Fincl Svcs Group Inc invested in 0% or 1,732 shares. Roanoke Asset Management Corp New York reported 16,500 shares. Sei has 6,993 shares for 0% of their portfolio. Ls Inv Advsr Ltd owns 2,514 shares. Moreover, Amalgamated Bancorporation has 0% invested in 8×8, Inc. (NYSE:EGHT) for 12,954 shares. Piedmont Invest Advisors Ltd Liability has invested 0.01% in 8×8, Inc. (NYSE:EGHT). Reilly Advsr Ltd Liability Com invested in 0% or 2,000 shares. Credit Suisse Ag holds 0% of its portfolio in 8×8, Inc. (NYSE:EGHT) for 90,654 shares. State Bank Of Ny Mellon invested 0% of its portfolio in 8×8, Inc. (NYSE:EGHT). State Of Tennessee Treasury Department holds 0% or 70,899 shares in its portfolio.

Since January 30, 2018, it had 0 insider purchases, and 3 selling transactions for $2.12 million activity. Shares for $147,760 were sold by Hakeman Darren J. on Friday, February 16. Another trade for 100,000 shares valued at $1.79M was made by MARTIN BRYAN R on Tuesday, January 30.

8×8, Inc. (NYSE:EGHT) Ratings Coverage

Among 7 analysts covering 8X8 (NASDAQ:EGHT), 4 have Buy rating, 0 Sell and 3 Hold. Therefore 57% are positive. 8X8 has $22.0 highest and $14.0 lowest target. $18.33’s average target is -9.26% below currents $20.2 stock price. 8X8 had 10 analyst reports since October 24, 2017 according to SRatingsIntel. Robert W. Baird maintained 8×8, Inc. (NYSE:EGHT) on Friday, January 26 with “Buy” rating. Needham maintained 8×8, Inc. (NYSE:EGHT) rating on Friday, March 16. Needham has “Buy” rating and $22.0 target. The firm earned “Overweight” rating on Wednesday, January 17 by Morgan Stanley. The stock of 8×8, Inc. (NYSE:EGHT) has “Buy” rating given on Friday, January 26 by Needham. As per Tuesday, November 14, the company rating was maintained by Northland Capital. Northland Capital maintained it with “Buy” rating and $22.0 target in Friday, January 26 report. The rating was downgraded by Summit Redstone Partners to “Hold” on Friday, October 27. The stock of 8×8, Inc. (NYSE:EGHT) has “Buy” rating given on Friday, October 27 by Needham.

The stock increased 3.59% or $0.7 during the last trading session, reaching $20.2. About 970,703 shares traded or 11.64% up from the average. 8×8, Inc. (NASDAQ:EGHT) has risen 26.60% since April 20, 2017 and is uptrending. It has outperformed by 15.05% the S&P500.

Analysts await 8×8, Inc. (NYSE:EGHT) to report earnings on May, 24. They expect $-0.05 EPS, down 400.00 % or $0.04 from last year’s $-0.01 per share. After $-0.07 actual EPS reported by 8×8, Inc. for the previous quarter, Wall Street now forecasts -28.57 % EPS growth.

8×8, Inc. provides cloud-based, enterprise-class software solutions for small and medium businesses, mid-market, and distributed enterprises worldwide. The company has market cap of $1.86 billion. The firm operates in two divisions, Americas and Europe. It currently has negative earnings. The companyÂ’s pure-cloud offering combines voice, conferencing, messaging, and video with integrated workflows and big data analytics on a single platform.

8x8, Inc. (NYSE:EGHT) Institutional Positions Chart

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