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

8×8, Inc. (NASDAQ:EGHT) has been assigned an average recommendation of “Hold” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $2.82.

A number of analysts have weighed in on EGHT shares. Barclays increased their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Rosenblatt Securities lowered their target price 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. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company raised their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th.

8X8 Trading Up 3.1 %

Shares of EGHT opened at $3.04 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm’s 50-day moving average is $2.25 and its two-hundred day moving average is $2.31. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The firm has a market capitalization of $397.21 million, a P/E ratio of -5.53, a PEG ratio of 25.34 and a beta of 1.54.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the previous year, the business posted $0.02 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. On average, research analysts predict that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after purchasing an additional 561,436 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 8X8 by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after purchasing an additional 4,255 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in 8X8 by 10.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,035,486 shares of the company’s stock worth $2,796,000 after purchasing an additional 99,371 shares during the last quarter. Invenomic Capital Management LP grew its position in shares of 8X8 by 27.5% during the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after buying an additional 571,245 shares during the period. Finally, Virtus Investment Advisers Inc. acquired a new position in shares of 8X8 during the 1st quarter worth about $139,000. 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.