Rosenblatt Securities Issues Pessimistic Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its target price cut by Rosenblatt Securities from $4.00 to $3.50 in a research note published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also issued reports on the company. StockNews.com lowered 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Barclays lowered their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Needham & Company LLC lowered their price target 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. Finally, B. Riley restated a “buy” rating and issued a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2.93.

8X8 Stock Up 2.8 %

Shares of NASDAQ:EGHT opened at $2.23 on Monday. The firm has a market capitalization of $286.18 million, a PE ratio of -4.46 and a beta of 1.56. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50. The firm’s 50-day moving average is $1.95 and its two-hundred day moving average is $2.25.

8X8 (NASDAQ:EGHT) last announced its earnings results 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 return on equity of 6.51% and a negative net margin of 8.65%. The business had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $178.90 million. During the same period in the previous year, the company earned ($0.04) earnings per share. 8X8’s quarterly revenue was down 5.7% on a year-over-year basis. Analysts predict that 8X8 will post -0.08 EPS for the current year.

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently modified their holdings of EGHT. Wealth Enhancement Advisory Services LLC purchased a new stake in 8X8 in the 3rd quarter valued at $30,000. Sei Investments Co. purchased a new stake in shares of 8X8 in the second quarter valued at about $44,000. XTX Topco Ltd purchased a new stake in shares of 8X8 in the second quarter valued at about $49,000. Williams & Novak LLC purchased a new position in shares of 8X8 during the second quarter worth about $77,000. Finally, Dynamic Advisor Solutions LLC increased its position in 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after acquiring an additional 15,665 shares during the period. 93.99% of the stock is currently 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.