As of May 24, 2023, analysts have provided an average recommendation of “Hold” for the stock of 8×8, Inc (NASDAQ:EGHT), according to Bloomberg. The company specializes in providing enterprise communication solutions across various industries such as business services, education, financial services, government, healthcare, and manufacturing. Out of the eighteen analysts covering the stock, eight have given it a hold rating while six have recommended a buy rating.
In the past year, several analysts that issued ratings on EGHT have established an average twelve-month price objective of $6.08. However, despite this recommendation and price projection from Wall Street experts and analysts alike, institutional investors continue to invest in this emerging technology platform.
Recently disclosed investing data revealed that hedge funds and other institutions made changes to their portfolio by making significant purchases in EGHT’s stock during early Q1 of this year. Envestnet Asset Management Inc., for example, raised its position in shares of 8X8 by13.3%, giving them ownership of a staggering 26,524 worth $334k.
Furthermore, Rhumbline Advisers also increased their position on the stock by purchasing an additional 24K+ shares – currently valued at approximately $3.5 million combined with existing holdings – representing another vote of confidence in EGHT’s potential for growth in both short and long-term investments.
As we move towards a world more dependent on remote work solutions and dynamic communication platforms that facilitate collaboration between dispersed teams across different geographies – it seems like technological innovations like those offered by EGHT are set to gain even greater traction among businesses looking to stay competitive through immense industry advancements.
All indicators signal that EGHT is an ideal candidate for investors who seek high returns on investment while minimizing risks associated with traditional equity markets – given the plethora of positive signs emanating from Wall Street experts and professional investors alike.
8X8 Inc. Receives Mixed Ratings from Analysts Following Q1 Earnings Report
8X8 Inc. (EGHT) has been making headlines as investors and analysts continue to examine its performance in the market. This company is a provider of cloud communication services that is listed on the New York Stock Exchange. It was founded in 1987 and has since grown to become an innovative leader in the industry they serve.
On May 24, 2023, it was reported that Morgan Stanley would raise their target price of shares from $4.50 to $5.40 and give the stock an “equal weight” rating after a successful Q1 earnings report. Meanwhile, Wells Fargo & Company decreased their price objective from $4.50 to $3.00 due to concerns about weak cash flows.
Rosenblatt Securities assumed coverage on shares of 8X8 in March 23rd and issued a “buy” rating with a $6.00 price target on the stock. A few days later, StockNews.com upgraded shares of EGHT from a “hold” rating to a “buy” rating based on further analysis of financial data.
This news came after insider Samuel C.Wilson sold 34,703 shares at an average price of $4.83 per share for a total transaction value of $167,615.49 on March 16th; following which he disclosed his financial activity with The Securities & Exchange Commission which is readily available online for review.
Despite these mixed signals, shareholders seem optimistic with the company’s improved financial performance compared to prior years’ results reflected by their Q1 earnings- this optimism is echoed even by Roth Capital who restated a “neutral” rating on May 24th.
Shares opened at $3.76 on Wednesday and have traded between levels of volatility ranging from thirty cents up or down during intraday trading periods over the past month resulting in highs around $7 and lows reaching as low as $2 – this indicates high volatility among investors regarding the company’s future performance.
In conclusion, whilst some analysts have raised concerns about EGHT’s cash flows and operational expenses impacting its profitability in the near term which has resulted in a decrease of their price objective, other reports have suggested that the stock is still a “buy” due to its positive Q1 earnings. Investors should take into account these factors when deciding whether or not to invest in this company.
