Mizuho Downgrades 8X8 (NASDAQ:EGHT) to Underperform

Mizuho lowered shares of 8X8 (NASDAQ:EGHT) from a neutral rating to an underperform rating in a research report released on Friday morning, Marketbeat Ratings reports. They currently have $2.50 target price on the stock, down from their previous target price of $2.75.

EGHT has been the subject of a number of other research reports. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Rosenblatt Securities lowered their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. B. Riley reissued a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Wells Fargo & Company upped their target price on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.79.

8X8 Price Performance

NASDAQ EGHT opened at $2.63 on Friday. The business’s fifty day moving average is $2.59 and its 200 day moving average is $2.35. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $343.64 million, a PE ratio of -4.77, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.02 EPS. Sell-side analysts predict that 8X8 will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Financial Inc. purchased a new stake in 8X8 during the third quarter valued at $1,997,000. First Eagle Investment Management LLC increased its holdings in shares of 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after buying an additional 576,418 shares during the last quarter. Invenomic Capital Management LP raised its position in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares in the last quarter. FMR LLC lifted its holdings in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after acquiring an additional 314,441 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares in the last quarter. 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.