William Blair analyst Dmitry Netis maintained a Hold rating on 8X8 (NASDAQ: EGHT) yesterday. The company’s shares closed yesterday at $22.25, close to its 52-week high of $23.05.
Netis wrote:
“We like the acquisition as it brings key automation and “customer journey” technology to 8×8 and its single platform for communications and customer engagement (contact center), pegs 8×8’s platform right alongside other cloud-based marketing and sales automation tools (an interesting direction for the company), and likely enhances the long-term value of the company . Single cloud platform for customer engagement. 8×8’s CTO and chairman of the board, Bryan Martin, gave a motivating speech at the Channel Partners conference last month, stating that “data is the new IT currency” and labeling 8×8 as a “big data company .”
According to TipRanks.com, Netis is a 4-star analyst with an average return of 8.3% and a 53.4% success rate. Netis covers the Consumer Goods sector, focusing on stocks such as Ribbon Communications Inc, Acacia Communications, and Juniper Networks.
8X8 has an analyst consensus of Strong Buy, with a price target consensus of $24.25.
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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 636.7K.
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.
