8X8 (NASDAQ:EGHT) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of 8X8 (NASDAQ:EGHT) from a hold rating to a buy rating in a research note published on Wednesday morning.

Other equities research analysts have also recently issued research reports about the stock. Barclays reduced their target price on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company lowered their target price on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Friday, June 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Thursday, August 22nd. Finally, Needham & Company LLC reduced their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, 8X8 has an average rating of “Hold” and an average target price of $2.83.

8X8 Stock Performance

Shares of EGHT stock opened at $1.98 on Wednesday. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92. The company has a market capitalization of $248.24 million, a price-to-earnings ratio of -3.60 and a beta of 1.56. The company has a 50-day simple moving average of $1.88 and a 200 day simple moving average of $2.28. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to the consensus estimate of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) EPS. On average, sell-side analysts predict that 8X8 will post -0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EGHT. Price T Rowe Associates Inc. MD increased its stake in shares of 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after purchasing an additional 4,255 shares during the last quarter. Creative Planning grew its position in 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after acquiring an additional 5,453 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after acquiring an additional 15,665 shares during the last quarter. Sei Investments Co. acquired a new position in 8X8 during the second quarter worth about $44,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of 8X8 by 12.7% in the second quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock worth $414,000 after acquiring an additional 21,087 shares during the last quarter. 93.99% of the stock is currently 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.