In Tuesday’s session, 8×8 Inc. (NYSE:EGHT) marked $5.18 per share, up from $4.95 in the previous session. While 8×8 Inc. has overperformed by 4.65%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, EGHT fell by -80.05%, with highs and lows ranging from $26.46 to $4.35, whereas the simple moving average fell by -60.42% in the last 200 days.
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On July 28, 2022, BTIG Research Downgraded 8×8 Inc. (NYSE: EGHT) to Neutral. A report published by Evercore ISI on June 24, 2022, Downgraded its rating to ‘In-line’ for EGHT. B. Riley Securities also Upgraded EGHT shares as ‘Buy’, setting a target price of $13.50 on the company’s shares in a report dated May 11, 2022. BofA Securities Initiated an Neutral rating on January 28, 2022, and assigned a price target of $18. Robert W. Baird January 12, 2022d its ‘Outperform’ rating to ‘Neutral’ for EGHT, as published in its report on January 12, 2022. Barclays’s report from October 21, 2021 suggests a price prediction of $25 for EGHT shares, giving the stock a ‘Equal Weight’ rating. Needham also rated the stock as ‘Buy’.
Analysis of 8×8 Inc. (EGHT)
Further, the quarter-over-quarter increase in sales is 25.40%, showing a positive trend in the upcoming months.
8×8 Inc.’s future performance can be determined with the help of several well-rounded types of analysis and research techniques, with equity being one of the most influential. The goal here is to ensure that your current return on equity of -114.90% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.40, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
The average volume for any stock is also a very valuable indicator of volatility, and EGHT has an average volume of 1.89M. On a monthly basis, the volatility of the stock is set at 7.21%, whereas on a weekly basis, it is put at 8.78%, with a gain of 4.65% over the past seven days. Furthermore, long-term investors anticipate a median target price of $7.65, showing growth from the present price of $5.18, which can serve as yet another indication of whether EGHT is worth investing in or should be passed over.
How Do You Analyze 8×8 Inc. Shares?
In addition to analyzing the fundamentals, it is also important to look at how many company employees own stock. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 2.70%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 96.30% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in EGHT shares?
The recent increase in stakes in EGHT appears to be a result of several institutional investors and hedge funds increasing their positions. BlackRock Fund Advisors’s position in EGHT has increased by 4.63% in the first quarter. The company now owns 16,957,783 shares of the stock, with a value of $87.33 million, following the purchase of 750,094 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in EGHT during the first quarter, upping its stake by 15.28%. During the last quarter, the company picked up 1,866,654 additional shares for a total stake of worth $72.53 million, bringing number of shares owned by the company to 14,084,285.
During the first quarter, Sylebra Capital Ltd. added a 178,100 position in EGHT. ArrowMark Colorado Holdings LLC purchased an additional 1.36 million shares in the last quarter, increasing its holdings by 16.30%, now holding 9.68 million shares worth $49.84 million. At the end of the first quarter, Tiger Global Management LLC decreased its EGHT holdings by 0.00% and now holds 9.0 million EGHT shares valued at $46.35 million with the lessened 0.0 shares during the period. EGHT shares are owned by institutional investors to the tune of 96.30% at present.