8×8, Inc. (NASDAQ:EGHT) Receives Average Recommendation of “Hold” from Analysts

8×8, Inc. (NASDAQ:EGHT) has earned a consensus rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $3.11.

EGHT has been the subject of several research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 target price on shares of 8X8 in a research report on Monday, March 18th. Morgan Stanley lowered 8X8 from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $3.00 to $2.00 in a report on Friday, June 14th. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Wells Fargo & Company lowered their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Friday, June 21st. Finally, Needham & Company LLC reissued a “buy” rating and set a $3.50 price target on shares of 8X8 in a research report on Monday, May 20th.

8X8 Trading Up 2.0 %

NASDAQ:EGHT opened at $2.02 on Thursday. The stock has a market cap of $253.27 million, a price-to-earnings ratio of -3.67 and a beta of 1.57. 8X8 has a one year low of $1.85 and a one year high of $4.88. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The business’s 50-day simple moving average is $2.44 and its 200 day simple moving average is $2.84.

8X8 (NASDAQ:EGHT) last released its earnings results on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $179.41 million during the quarter, compared to analysts’ expectations of $178.85 million. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. As a group, sell-side analysts predict that 8X8 will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 8X8

Large investors have recently added to or reduced their stakes in the stock. Dark Forest Capital Management LP acquired a new position in shares of 8X8 during the third quarter worth approximately $43,000. DekaBank Deutsche Girozentrale bought a new position in shares of 8X8 in the third quarter worth $65,000. Victory Capital Management Inc. increased its holdings in shares of 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of 8X8 by 494.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock valued at $88,000 after purchasing an additional 19,310 shares during the period. Finally, EntryPoint Capital LLC bought a new stake in shares of 8X8 during the first quarter valued at about $97,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.