Stick With 8×8 Inc. (EGHT). The Bull Are Alive And Well

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    Sylebra Capital Ltd. recently announced the acquisition of new stake in 8×8 Inc. (NYSE:EGHT). The institutional investor has increased its shareholding in the Technology company by 16.72% to 10.5 million shares with purchase of 1.5 million shares. This fresh investment now brings its stake to 10.13% valued currently at $168.01 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.22 million to 10.37 million shares. And First Trust Advisors LP has lifted its position by 7.87% or 0.33 million shares – to 4.51 million shares.

    With over 1.12 million 8×8 Inc. (EGHT) shares trading Friday and a closing price of $16.11 on the day, the dollar volume was approximately $18.11 million. The shares have shown a positive weekly performance of 0.31% and its price on 07/24/20 lost nearly -3.19%. Currently, there are 102.75M common shares owned by the public and among those 100.36M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for EGHT have a consensus price objective of $20.20. The analysts have set the share’s price value over the next 12 months at a high of $29.00 and a low of $12.00 should the stock experience a downside. Incidentally, analysts’ outlook for the 8×8 Inc. stock is 2.20 for the next 12 months. The average price target is 20.25% above its last price level and an upside to the estimated low will see the stock lose -34.25% over that period. But an upside of 44.45% will see the stock hit the forecast high price target while mean target price for the stock is $21.00.

    Insiders at the company have transacted a total of 111 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 64 of these insider trades were purchases, accounting for 957,144 shares. Insider sales of the common stock occurred on 47 occasions, with total insider shares sold totaling 406,472 shares.

    The top 3 mutual fund holders in 8×8 Inc. are iShares Core S&P Small Cap ETF, First Trust Dow Jones Internet In, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 6.39 million shares of the company’s stock, all valued at over $102.22 million. First Trust Dow Jones Internet In bought 25500.0 shares to see its total holdings expand to 4.62 million shares valued at over $73.84 million and representing 4.45% of the shares outstanding. Vanguard Total Stock Market Index bought 71481.0 shares to bring its total holdings to over 2.82 million shares at a value of $45.15 million. Vanguard Total Stock Market Index now owns shares totaling to 2.72% of the shares outstanding.

    Shares of 8×8 Inc. (NYSE: EGHT) opened at $16.47, down -$0.17 from a prior closing price of $16.64. However, the script later closed the day at $16.11, down -3.19%. The company’s stock has a 5-day price change of 0.31% and -5.35% over the past three months. EGHT shares are trading -11.97% year to date (YTD), with the 12-month market performance down to -37.46% lower. It has a 12-month low price of $10.70 and touched a high of $26.67 over the same period. Currently, 1.12 million shares have been traded, compared to an average intraday trading volume of 2.14 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.41%, 4.50%, and -8.58% respectively.

    Institutional ownership of 8×8 Inc. (NYSE: EGHT) shares accounts for 91.25% of the company’s 102.75M shares outstanding. Mutual fund holders own 46.45%, while other institutional holders and individual stakeholders account for 54.87% and 12.62% respectively.

    It has a market capitalization of $1.59B and a beta (3y monthly) value of 0.96. The earnings-per-share (ttm) stands at -$1.73. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.17% over the week and 4.14% over the month.

    Analysts forecast that 8×8 Inc. (EGHT) will achieve an EPS of -$0.12 for the current quarter, -$0.09 for the next quarter and $0.01 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -83.60%, and 103.40% over the next financial year.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate 8×8 Inc. (EGHT) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 5 of the 16 advise that investors “hold,” and 1 rated it as a “Sell.”

    Looking at the support for the EGHT, a number of firms have released research notes about the stock. B. Riley FBR stated their Sell rating for the stock in a research note on March 26, 2020, with the firm’s price target at $18.50-$13. Wells Fargo coverage for the 8×8 Inc. (EGHT) stock in a research note released on January 28, 2020 offered a Equal Weight rating with a price target of . Wells Fargo was of a view on January 27, 2020 that the stock is Equal Weight, while Morgan Stanley gave the stock Equal-Weight rating on January 13, 2020, issuing a price target of $28- $23. B. Riley FBR on their part issued Neutral rating on October 24, 2019.

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