Rosenblatt Securities analyst Ryan Koontz maintained a Buy rating on 8X8 (EGHT) today and set a price target of $22.50. The company’s shares closed yesterday at $23.73, close to its 52-week high of $24.39.
Koontz noted:
“We remain highly bullish on the cloud-communications sector and view EGHT as a viable competitor with a compelling product offering and macro tailwinds. We expect consensus earnings estimates to come down materially (FY20 from -$.16 to ~ -$.52) and the stock to give up some of its recent gains. We maintain our Buy rating and our 12-month price target of $22.50. We reduce our FY20 revenue (by -2%) and earnings (by -$.36) in-line with management guidance.”
According to TipRanks.com, Koontz is a 4-star analyst with an average return of 16.8% and a 73.1% success rate. Koontz covers the Consumer Goods sector, focusing on stocks such as Acacia Communications, CommScope Holding, and Juniper Networks.
Currently, the analyst consensus on 8X8 is a Moderate Buy with an average price target of $22.71, a -4.3% downside from current levels. In a report released yesterday, Stephens also maintained a Buy rating on the stock with a $27 price target.
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Based on 8X8’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $28.13 million. In comparison, last year the company had a GAAP net loss of $13.26 million.
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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.
