8X8 (NASDAQ:EGHT) Lowered to “Hold” at StockNews.com

StockNews.com lowered shares of 8X8 (NASDAQ:EGHT) from a buy rating to a hold rating in a research note published on Friday morning.

Several other research firms have also recently weighed in on EGHT. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a report on Thursday, August 22nd. Barclays cut their target price on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. B. Riley reissued a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a research note on Thursday. Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Finally, Needham & Company LLC reduced their target price on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.00.

8X8 Stock Performance

8X8 stock opened at $1.99 on Friday. 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 firm has a market cap of $255.38 million, a P/E ratio of -3.98 and a beta of 1.56. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92. The firm has a 50-day moving average of $1.92 and a 200-day moving average of $2.26.

8X8 (NASDAQ:EGHT) last released 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). The business had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) EPS. Sell-side analysts expect that 8X8 will post -0.08 EPS for the current year.

Institutional Trading of 8X8

A number of hedge funds have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC purchased a new position in 8X8 during the first quarter valued at $732,000. Vanguard Group Inc. increased its holdings in shares of 8X8 by 5.2% during the first 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 in the last quarter. Boston Partners increased its holdings in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after acquiring an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after purchasing an additional 1,279,145 shares during the last quarter. Finally, First Eagle Investment Management LLC bought a new position in 8X8 in the 1st quarter worth about $1,482,000. 93.99% of the stock is owned by institutional investors.

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.