B.Riley FBR Remains a Hold on 8X8 (EGHT)


In a report released today, Josh Nichols from B.Riley FBR reiterated a Hold rating on 8X8 (NYSE: EGHT), with a price target of $19.50. The company’s shares opened today at $15.71.

Nichols noted:

“8×8, Inc. ( EGHT) reported 2Q19 (Sep) revenue and pro forma EPS of $86M and $(0.04), which came in above our and consensus $84M and $(0.05) projections. Service revenue of $81M outpaced our and consensus estimate by $0.6M. Management increased the bottom-end of its FY19 service revenue guidance $1M from $333M-$338M to $334M-$338M (up 21.5% Y/Y at the midpoint ex-DXI) and continues to target 25% service revenue growth exiting 4Q19 (excluding DXI). However, FY19 non-GAAP pre-tax loss is expected to be $(17M), excluding expenses related to the newly announced Jitsi acquisition, which is at the top of management’s previous $(13M)- $(17M) range.”

According to TipRanks.com, Nichols is a 4-star analyst with an average return of 12.4% and a 34.3% success rate. Nichols covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies Corp, Pointer Telocation Ltd, and Immersion Corp.

Currently, the analyst consensus on 8X8 is a Moderate Buy with an average price target of $22.50, which is a 43.2% upside from current levels. In a report released today, Merrill Lynch also maintained a Hold rating on the stock with a $23 price target.

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Based on 8X8’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $15.36 million. In comparison, last year the company had a GAAP net loss of $546K.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGHT in relation to earlier this year. Earlier this month, Guy Hecker, a Director at EGHT bought 100,000 shares for a total of $87,000.

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. operates as a business cloud communications provider 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 and Europe. The firm also offers a SaaS communication solution.

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