In a report released today, Mike Crawford from B.Riley FBR assigned a Hold rating to 8X8 (NASDAQ: EGHT), with a price target of $16. The company’s shares opened today at $22.45, close to its 52-week high of $23.05.
Crawford commented:
“Neutral-rated 8×8 (EGHT, $16 PT) reports 4Q18 (Mar) results after the close on Thursday, 5/24, and will hold its earnings call at 4:30pm ET. Dial in ID#1568167. For 4Q we continue to model $78M in revenue, $3.7M in GAAP/pro forma EPS, ahead of consensus $77M in revenue, $3.2M in GAAP/pro forma EPS of $(0.08)/$0.00. While we see FY18 shaping up as a second sequential decline in Y/Y revenue growth, to 16.5%, our view diverges from consensus for FY19e, where we model continued organic deceleration to 14.4% top-line growth given our $338M projection, vs. a consensus $349M, +18.6% Y/Y . Our estimates, and we believe the Street’s as well, are devoid of impact for EGHT’s MarianaIQ acquisition announced on 5/15.”
According to TipRanks.com, Crawford is a 4-star analyst with an average return of 7.4% and a 56.3% success rate. Crawford covers the Consumer Goods sector, focusing on stocks such as CPI Aerostructures, Finjan Holdings, and Kratos Defense.
Currently, the analyst consensus on 8X8 is Moderate Buy and the average price target is $22.60, representing a 0.7% upside.
In a report issued on May 16, William Blair also assigned a Hold rating to the stock.
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The company has a one-year high of $23.05 and a one-year low of $10.30. Currently, 8X8 has an average volume of 635.5K.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock.
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8×8, Inc. operates as a business cloud communications industry which engages in the provision of development and use of Internet protocol voice, video and data communication technologies. It operates through the following geographical segments: Americas, Europe and Asia Pacific. The firm also offers a SaaS communication solution.
