8X8 (NASDAQ:EGHT) Lowered to Buy Rating by StockNews.com

8X8 (NASDAQ:EGHT) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

Other analysts have also issued reports about the stock. Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. B. Riley reiterated a “buy” rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Saturday. Barclays boosted 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. Finally, Mizuho downgraded 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 report on Friday, December 13th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and a consensus price target of $2.84.

8X8 Stock Up 4.4 %

NASDAQ EGHT opened at $2.84 on Wednesday. The firm has a market capitalization of $371.07 million, a price-to-earnings ratio of -5.16, a PEG ratio of 24.05 and a beta of 1.66. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.41. 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 company has a fifty day moving average of $2.82 and a two-hundred day moving average of $2.44.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. On average, analysts predict that 8X8 will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

Hedge funds have recently bought and sold shares of the stock. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 during the 4th quarter valued at approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 in the 3rd quarter worth $30,000. Virtu Financial LLC acquired a new stake in shares of 8X8 during the 3rd quarter worth about $36,000. Sei Investments Co. acquired a new stake in shares of 8X8 during the 2nd quarter worth about $44,000. Finally, Intech Investment Management LLC purchased a new position in 8X8 during the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

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.