8×8, Inc. (NASDAQ:EGHT) Receives $2.87 Average PT from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $2.87.

Several research analysts have recently weighed in on the company. Rosenblatt Securities lowered their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Wells Fargo & Company lifted their price target on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. B. Riley reissued a “buy” rating and issued a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th.

8X8 Stock Up 1.1 %

EGHT opened at $2.72 on Thursday. The company has a market cap of $355.40 million, a PE ratio of -4.95, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The company has a 50-day moving average price of $2.67 and a 200 day moving average price of $2.35. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

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

Institutional Trading of 8X8

Several institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 in the third quarter valued at $30,000. Virtu Financial LLC acquired a new position in 8X8 in the 3rd quarter valued at about $36,000. Sei Investments Co. purchased a new stake in 8X8 during the second quarter worth about $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 during the second quarter worth about $49,000. Finally, Intech Investment Management LLC purchased a new position in shares of 8X8 in the third quarter valued at approximately $49,000. 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.