8X8 (NASDAQ:EGHT) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of 8X8 (NASDAQ:EGHT) from a hold rating to a buy rating in a report published on Wednesday morning.

A number of other equities analysts have also recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price target on shares of 8X8 in a report on Thursday, August 22nd. Needham & Company LLC cut their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Barclays decreased their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Wells Fargo & Company cut their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.83.

8X8 Price Performance

8X8 stock opened at $2.09 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The firm’s 50-day simple moving average is $1.88 and its 200 day simple moving average is $2.29. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92. The firm has a market capitalization of $262.04 million, a PE ratio of -3.80 and a beta of 1.56.

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). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The business had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities research analysts predict that 8X8 will post -0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC acquired a new position in 8X8 during the first quarter worth approximately $732,000. Vanguard Group Inc. raised its holdings in shares of 8X8 by 5.2% in 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 period. Boston Partners lifted its stake in shares of 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after purchasing an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of 8X8 by 188.7% during the 1st 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 period. Finally, First Eagle Investment Management LLC acquired a new stake in 8X8 during the 1st quarter worth approximately $1,482,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.