8×8, Inc. (NASDAQ:EGHT) Given Consensus Recommendation of “Hold” by Brokerages

8×8, Inc. (NASDAQ:EGHT) has received an average rating of “Hold” from the eight research firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $2.87.

EGHT has been the topic of a number of research reports. Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. B. Riley restated 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. Morgan Stanley upped their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Finally, Barclays raised their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 during the third quarter worth $30,000. Virtu Financial LLC bought a new stake in shares of 8X8 during the 3rd quarter worth about $36,000. Sei Investments Co. acquired a new position in 8X8 in the 2nd quarter valued at about $44,000. XTX Topco Ltd bought a new position in 8X8 in the 2nd quarter valued at about $49,000. Finally, Intech Investment Management LLC acquired a new stake in 8X8 during the third quarter worth approximately $49,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Trading Down 2.3 %

EGHT opened at $2.59 on Monday. The stock has a market capitalization of $338.41 million, a P/E ratio of -4.71, a P/E/G ratio of 22.55 and a beta of 1.66. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.76. The firm’s fifty day simple moving average is $2.86 and its 200 day simple moving average is $2.40.

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

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.