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

8×8, Inc. (NASDAQ:EGHT) has received a consensus recommendation of “Hold” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $2.93.

A number of brokerages recently issued reports on EGHT. Barclays decreased their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Rosenblatt Securities lowered their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday. Needham & Company LLC dropped their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, StockNews.com lowered 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 25th.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.10 on Wednesday. The firm has a fifty day moving average of $1.93 and a 200 day moving average of $2.26. 8X8 has a one year low of $1.51 and a one year high of $3.92. The firm has a market cap of $269.49 million, a PE ratio of -4.20 and a beta of 1.56. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. As a group, research analysts predict that 8X8 will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EGHT. Boston Partners raised its position in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after buying an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after purchasing an additional 1,279,145 shares during the last quarter. First Eagle Investment Management LLC increased its position in 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after acquiring an additional 576,418 shares in the last quarter. Invenomic Capital Management LP raised its position in 8X8 by 27.5% in the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after purchasing an additional 571,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares during the period. Institutional investors and hedge funds 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.