8X8 (NASDAQ:EGHT) Upgraded to “Hold” at Wedbush

8X8 (NASDAQ:EGHT) was upgraded by stock analysts at Wedbush to a “hold” rating in a report released on Thursday, Zacks.com reports.

Several other equities analysts also recently commented on the company. Wells Fargo & Company lowered their price target on 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 set a $4.00 price target on shares of 8X8 in a report on Thursday, August 22nd. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a report on Wednesday. Barclays lowered their price objective on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Needham & Company LLC lowered their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.83.

8X8 Trading Up 0.5 %

Shares of EGHT stock opened at $1.98 on Thursday. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.92. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The business’s 50 day moving average is $1.88 and its two-hundred day moving average is $2.28. The company has a market cap of $248.24 million, a PE ratio of -3.60 and a beta of 1.56.

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

Institutional Investors Weigh In On 8X8

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sei Investments Co. acquired a new stake in 8X8 during the second quarter worth $44,000. XTX Topco Ltd acquired a new stake in 8X8 during the second quarter worth $49,000. Williams & Novak LLC acquired a new stake in 8X8 during the second quarter worth $77,000. Dynamic Advisor Solutions LLC boosted its stake in 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in 8X8 during the second quarter worth $77,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.