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

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned an average recommendation of “Hold” from the eight analysts that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $2.87.

A number of research firms recently issued reports on EGHT. Morgan Stanley lifted their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Barclays increased their price target on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Rosenblatt Securities dropped their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Finally, Wells Fargo & Company increased their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Sanctuary Advisors LLC increased its stake in 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after purchasing an additional 60,316 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of 8X8 in the 3rd quarter valued at $36,000. Barclays PLC increased its position in shares of 8X8 by 198.8% in the 3rd quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after buying an additional 143,791 shares in the last quarter. Geode Capital Management LLC raised its stake in 8X8 by 8.6% during the 3rd 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 period. Finally, XTX Topco Ltd lifted its holdings in 8X8 by 487.9% during the third quarter. XTX Topco Ltd now owns 130,490 shares of the company’s stock worth $266,000 after acquiring an additional 108,293 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 2.3 %

Shares of EGHT stock opened at $2.59 on Monday. The company 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. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.76. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a 50-day moving average price of $2.86 and a 200 day moving average price of $2.40.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) 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 company had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. 8X8’s quarterly revenue was down 2.2% compared to the same quarter last year. Research analysts forecast that 8X8 will post 0.01 earnings per share 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.