In a report released today, Ryan MacWilliams from Stephens initiated coverage with a Buy rating on 8X8 (EGHT) and a price target of $27. The company’s shares closed yesterday at $26.44, close to its 52-week high of $26.67.
8X8 has an analyst consensus of Moderate Buy, with a price target consensus of $25.44, implying a -3.8% downside from current levels. In a report released today, Dougherty also upgraded the stock to Buy.
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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.
