Oppenheimer Believes 8X8 (EGHT) Still Has Room to Grow


In a report released today, Timothy Horan from Oppenheimer maintained a Buy rating on 8X8 (NYSE: EGHT). The company’s shares opened today at $21.70, close to its 52-week high of $23.10.

According to TipRanks.com, Horan is a top 25 analyst with an average return of 17.9% and a 78.6% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Zayo Group Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for 8X8 with a $24.20 average price target, implying an 11.5% upside from current levels. In a report issued on July 27, Needham also reiterated a Buy rating on the stock with a $25 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 $2.17 million.

Based on the recent corporate insider activity of 49 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.

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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