8X8 (EGHT) Receives a Buy from Needham

Needham analyst Ryan Koontz maintained a Buy rating on 8X8 (EGHTResearch Report) today and set a price target of $7.00. The company’s shares closed yesterday at $5.01.

According to TipRanks, Koontz is a 3-star analyst with an average return of 1.3% and a 46.32% success rate. Koontz covers the Technology sector, focusing on stocks such as 8X8, Calix, and Adtran.

Currently, the analyst consensus on 8X8 is a Moderate Buy with an average price target of $5.80, which is a 15.77% upside from current levels. In a report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $6.00 price target.

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The company has a one-year high of $16.16 and a one-year low of $2.87. Currently, 8X8 has an average volume of 1.89M.

Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EGHT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

8×8, Inc. engages in the provision of enterprise communication solutions. Its solutions include industry and business solutions for collections, education, government healthcare, high tech, insurance, call center, call center software, network optimization, and international calls. The company was founded in February 1987 and is headquartered in San Jose, CA.

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