Northland Securities analyst Michael Latimore maintained a Buy rating on 8X8 (EGHT) today and set a price target of $28. The company’s shares closed yesterday at $24.62, close to its 52-week high of $25.93.
Latimore noted:
“We believe the number of use cases for API/CPaaS is almost limitless, helping to generate the market growth. Among the categories we cover of API/CPaaS is the fastest grower we believe. 8×8 can now offer API/CPaaS via its own technology. API/CPaaS can also be complementary to CCaaS customers. API/CPaaS enables 8×8 to more quickly capture customers than a UCaaS or CCaaS sale cycle might; although the buyers within companies to date have often been different people. 8×8 highlights growth acceleration, expansion internationally and deepening of tech expertise as rationales for the acquisition. We’d expect 8×8’s scale, R&D and global reach to help Wavecell as well. Transaction. 8×8 is paying $125 million ($69 mil cash, $59 mil stock) for Wavecell, or under 4x CY19 revs.”
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 14.8% and a 58.6% success rate. Latimore covers the Technology sector, focusing on stocks such as Super League Gaming Inc, The Meet Group Inc, and Brightcove Inc.
8X8 has an analyst consensus of Moderate Buy, with a price target consensus of $23.14.
See today’s analyst top recommended stocks >>
The company has a one-year high of $25.93 and a one-year low of $15.13. Currently, 8X8 has an average volume of 1.37M.
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. 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.
