8X8 (NASDAQ:EGHT) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of 8X8 (NASDAQ:EGHT) from a buy rating to a strong-buy rating in a research note published on Tuesday morning.

Several other research analysts have also issued reports on EGHT. Barclays raised their price target on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Rosenblatt Securities reduced their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Saturday, January 18th. B. Riley reissued a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Wells Fargo & Company raised their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2.87.

8X8 Trading Down 1.0 %

EGHT stock opened at $2.94 on Tuesday. 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 has a twelve month low of $1.51 and a twelve month high of $3.56. The company has a market cap of $384.14 million, a P/E ratio of -5.35, a PEG ratio of 23.02 and a beta of 1.66. The business has a fifty day moving average of $2.83 and a 200-day moving average of $2.44.

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

Institutional Trading of 8X8

A number of institutional investors have recently modified their holdings of EGHT. B. Riley Financial Inc. bought a new position in 8X8 in the third quarter valued at $1,997,000. Invenomic Capital Management LP lifted its position in shares of 8X8 by 10.5% in the third 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 during the last quarter. FMR LLC boosted its stake in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after acquiring an additional 314,441 shares during the period. Geode Capital Management LLC increased its holdings in shares of 8X8 by 8.6% during the 3rd 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 during the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its stake in 8X8 by 62.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock valued at $975,000 after acquiring an additional 168,057 shares during the period. 93.99% of the stock is currently owned by institutional investors.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.