Rosenblatt Securities analyst Ryan Koontz maintained a Hold rating on 8X8 (EGHT) today and set a price target of $28. The company’s shares closed yesterday at $26.44, close to its 52-week high of $26.67.
Koontz commented:
“We view these results as in-line with our expectations and the outlook sets a high bar for growth forward. While we are highly supportive of the company’s long term single-platform strategy, EGHT must still deliver on its guidance, a growth rate that still trails industry leader RingCentral (RNG: Buy). 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 increase our FY20 estimates in-line with management guidance and maintain our Neutral rating and increase our 12-month price target to $28.”
According to TipRanks.com, Koontz is a 4-star analyst with an average return of 23.8% and a 74.2% success rate. Koontz covers the Consumer Goods sector, focusing on stocks such as Acacia Communications, CommScope Holding, and Juniper Networks.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for 8X8 with a $25.31 average price target, a -4.3% downside from current levels. In a report issued on July 18, Craig-Hallum also reiterated a Hold 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 $34.27 million. In comparison, last year the company had a GAAP net loss of $15.36 million.
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8×8, Inc. engages in the provision of enterprise communication solutions. Its solutions include industry and business solutions for collections, education, government healthcare, high tech, insurance, call center, call center software, network optimization, and international calls. The company was founded in February 1987 and is headquartered in San Jose, CA.
