B. Riley reissued their buy rating on shares of 8X8 (NASDAQ:EGHT – Free Report) in a research note issued to investors on Thursday morning, Benzinga reports. B. Riley currently has a $4.00 price target on the stock, down from their previous price target of $7.00.
A number of other equities analysts also recently weighed in on the company. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research report on Thursday, August 22nd. Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Needham & Company LLC cut their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Barclays reduced their price target 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.00.
View Our Latest Analysis on 8X8
8X8 Trading Down 0.5 %
8X8 (NASDAQ:EGHT – Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The firm had revenue of $172.80 million during the quarter, compared to the consensus estimate of $178.90 million. During the same quarter in the previous year, the company earned ($0.04) EPS. The business’s revenue was down 5.7% compared to the same quarter last year. On average, analysts predict that 8X8 will post -0.08 EPS for the current fiscal year.
Institutional Investors Weigh In On 8X8
Institutional investors have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC bought a new stake in shares of 8X8 in the first quarter valued at approximately $732,000. Vanguard Group Inc. raised its holdings in 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares during the period. Boston Partners lifted its position in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after acquiring an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after acquiring an additional 1,279,145 shares during the period. Finally, First Eagle Investment Management LLC purchased a new position in shares of 8X8 in the first quarter valued at $1,482,000. 93.99% of the stock is owned by hedge funds and other institutional investors.
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.
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