8X8 (EGHT) Gets a Buy Rating from Needham

In a report released today, Richard Valera from Needham assigned a Buy rating to 8X8 (EGHTResearch Report), with a price target of $40.00. The company’s shares closed last Tuesday at $33.54.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 21.2% and a 67.8% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

8X8 has an analyst consensus of Moderate Buy, with a price target consensus of $28.82, which is a -9.5% downside from current levels. In a report issued on December 10, Stephens also assigned a Buy rating to the stock with a $30.00 price target.

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The company has a one-year high of $33.11 and a one-year low of $10.70. Currently, 8X8 has an average volume of 1.83M.

Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EGHT in relation to earlier this year. Last month, Vikram Verma, the CEO of EGHT bought 33,167 shares for a total of $227,526.

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.