8×8 (EGHT) is Reiterated by Needham to Buy, Raises Price Target to $ 17

8×8 (EGHT) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 17 from a previous price target of $15 . Needham advised their investors in a research report released on Jul 22, 2016.

Many Wall Street Analysts have commented on 8×8. Company shares were Reiterated by Dougherty & Company on Jul 19, 2016 to “Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $15 .Needham Initiated 8×8 on Jun 3, 2016 to “Buy”, Price Target of the shares are set at $15.Company shares were Reiterated by Dougherty & Company on May 20, 2016 to “Buy”, Firm has raised the Price Target to $ 15 from a previous price target of $14 .

On the company’s financial health, 8×8 reported $0.03 EPS for the quarter, based on the information available during the earnings call on May 19, 2016. Analyst had a consensus estimate of $0.03. The company had revenue of $57.33 million for the quarter, compared to analysts expectations of $54.40 million. The company’s revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.

8×8 closed down -0.01 points or -0.07% at $15.14 with 5,67,262 shares getting traded on Wednesday. Post opening the session at $15.25, the shares hit an intraday low of $15.023 and an intraday high of $15.285 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on May 26, 2016, Bryan R Martin (Chief Technology Officer) sold 43,142 shares at $12.45 per share price. According to the SEC, on Jul 28, 2015, Vikram Verma (CEO) purchased 12,300 shares at $8.09 per share price.

8×8 Inc. (8×8) offers Software as a Service (SaaS) communication solution. The Company is engaged in business cloud communications and development and use of Internet protocol voice video and data communication technologies in a true SaaS model. The 8×8 unified cloud communications solution addresses the shortcomings of legacy and point solution cloud services through its pure cloud Software as a Service offering. The Company’s Infrastructure Manager abstracts complex global interconnectivity between Voice over Internet Protocol (VoIP) and traditional public switched telephone network (PSTN) providing customers with a phone system that can reach any phone in the world whether wireless or wireline. Its Integration Manager integrates with third-party applications including Salesforce.com Microsoft Dynamics NetSuite Zendesk and many others to provide integrated applications functionality within its communications and collaboration services.


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