8×8, Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of “Hold” from Analysts

8×8, Inc. (NASDAQ:EGHT) has been given an average rating of “Hold” by the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $3.11.

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley downgraded shares of 8X8 from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $3.00 to $2.00 in a report on Friday, June 14th. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Wells Fargo & Company decreased their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Friday, June 21st. Needham & Company LLC reissued a “buy” rating and set a $3.50 price objective on shares of 8X8 in a research note on Monday, May 20th. Finally, StockNews.com lowered 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, May 10th.

8X8 Stock Performance

NASDAQ EGHT opened at $2.02 on Thursday. The company’s 50 day moving average is $2.44 and its 200-day moving average is $2.84. The firm has a market cap of $253.27 million, a P/E ratio of -3.67 and a beta of 1.57. 8X8 has a 12-month low of $1.85 and a 12-month high of $4.88. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02.

8X8 (NASDAQ:EGHT) last issued its earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $179.41 million for the quarter, compared to analysts’ expectations of $178.85 million. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) EPS. Sell-side analysts predict that 8X8 will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its position in shares of 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after acquiring an additional 4,255 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after buying an additional 4,670 shares during the period. Los Angeles Capital Management LLC lifted its position in 8X8 by 0.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock valued at $2,454,000 after acquiring an additional 5,043 shares during the period. New York State Common Retirement Fund boosted its stake in 8X8 by 26.4% during the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock worth $145,000 after acquiring an additional 8,014 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in 8X8 by 18.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock worth $191,000 after acquiring an additional 8,282 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

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.