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

8×8, Inc. (NASDAQ:EGHT) has been assigned an average recommendation of “Hold” from the eight research firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $2.82.

Several equities analysts have commented on the stock. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wells Fargo & Company lifted their price target on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Rosenblatt Securities reduced their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Needham & Company LLC lowered their target price on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, B. Riley reissued a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in 8X8 by 5.2% in the 1st 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. Invenomic Capital Management LP raised its position in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares during the period. Boston Partners raised its position in shares of 8X8 by 473.2% in the first 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 during the period. Geode Capital Management LLC lifted its stake in shares of 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after buying an additional 237,181 shares in the last quarter. Finally, FMR LLC boosted its holdings in 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 1.3 %

NASDAQ EGHT opened at $3.10 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The business has a fifty day simple moving average of $2.37 and a 200 day simple moving average of $2.33. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.92. The firm has a market capitalization of $405.05 million, a P/E ratio of -5.64, a PEG ratio of 26.98 and a beta of 1.54.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $178.38 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, analysts predict that 8X8 will post 0.01 EPS 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.