8X8 (NASDAQ:EGHT) Raised to “Strong-Buy” at StockNews.com

8X8 (NASDAQ:EGHT) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

A number of other research firms have also issued reports on EGHT. Rosenblatt Securities reduced their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Morgan Stanley increased their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Wedbush raised 8X8 to a “hold” rating in a research note on Thursday, October 17th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Finally, Wells Fargo & Company raised their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus target price of $2.87.

8X8 Trading Down 0.3 %

Shares of NASDAQ EGHT opened at $2.97 on Tuesday. The company has a quick ratio of 1.18, a current 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 $3.69. The company has a market cap of $388.06 million, a price-to-earnings ratio of -5.40, a P/E/G ratio of 23.02 and a beta of 1.66. The business has a fifty day simple moving average of $2.83 and a 200-day simple moving average of $2.44.

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

Institutional Trading of 8X8

A number of institutional investors have recently added to or reduced their stakes in EGHT. Invenomic Capital Management LP raised its holdings in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after buying an additional 237,181 shares during the last quarter. FMR LLC lifted its position in shares of 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 8X8 by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after acquiring an additional 145,606 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of 8X8 by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after acquiring an additional 23,731 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.