Weekly Investment Analysts’ Ratings Updates for 8X8 (EGHT)

A number of firms have modified their ratings and price targets on shares of 8X8 (NASDAQ: EGHT) recently:

• 10/28/2024 – 8X8 had its price target lowered by analysts at Rosenblatt Securities from $4.00 to $3.50. They now have a “buy” rating on the stock.
• 10/25/2024 – 8X8 was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 10/24/2024 – 8X8 had its “buy” rating reaffirmed by analysts at B. Riley. They now have a $4.00 price target on the stock, down previously from $7.00.
• 10/17/2024 – 8X8 was upgraded by analysts at Wedbush to a “hold” rating.
• 10/16/2024 – 8X8 was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

8X8 Price Performance

Shares of EGHT traded up $0.05 during mid-day trading on Monday, hitting $2.04. 330,005 shares of the stock were exchanged, compared to its average volume of 1,187,253. The firm has a 50-day moving average of $1.92 and a two-hundred day moving average of $2.26. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.92. The company has a market cap of $261.79 million, a PE ratio of -4.08 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 posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to the consensus estimate of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. 8X8’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. On average, equities analysts predict that 8×8, Inc. will post -0.08 earnings per share for the current year.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 in the third quarter valued at approximately $30,000. Sei Investments Co. acquired a new stake in shares of 8X8 in the second quarter worth approximately $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 in the second quarter worth approximately $49,000. Sanctuary Advisors LLC acquired a new stake in shares of 8X8 in the second quarter worth approximately $77,000. Finally, Williams & Novak LLC acquired a new stake in shares of 8X8 in the second quarter worth approximately $77,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.