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

8×8, Inc. (NASDAQ:EGHT) has been assigned an average recommendation of “Hold” from the eight brokerages that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $2.93.

A number of research analysts have recently commented on EGHT shares. Needham & Company LLC dropped their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. StockNews.com downgraded shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Barclays cut their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Finally, Rosenblatt Securities reduced their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday.

Institutional Investors Weigh In On 8X8

Large investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC purchased a new stake in 8X8 during the 1st quarter valued at about $732,000. Vanguard Group Inc. grew its position in shares of 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 increased its position in 8X8 by 473.2% in the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after buying an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC raised its stake in 8X8 by 188.7% during the 1st 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 during the 1st quarter valued at $1,482,000. Institutional investors own 93.99% of the company’s stock.

8X8 Stock Up 2.9 %

8X8 stock opened at $2.10 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. The company has a fifty day simple moving average of $1.93 and a 200 day simple moving average of $2.26. The company has a market cap of $269.49 million, a P/E ratio of -4.20 and a beta of 1.56. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share 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 during the quarter, compared to the consensus estimate of $178.90 million. During the same period in the previous year, the company earned ($0.04) earnings per share. 8X8’s revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts anticipate that 8X8 will post -0.08 earnings per share for the current fiscal year.

8X8 Company Profile

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.