8X8 (NASDAQ:EGHT – Get Free Report) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Saturday.
Several other analysts have also recently commented on the stock. Barclays decreased their price objective on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Wells Fargo & Company cut their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Friday, June 21st. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a report on Wednesday, August 7th. Needham & Company LLC dropped their target price on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Morgan Stanley downgraded 8X8 from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $3.00 to $2.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.83.
8X8 Stock Performance
Shares of NASDAQ EGHT remained flat at $1.69 during mid-day trading on Friday. The company had a trading volume of 560,388 shares, compared to its average volume of 1,328,520. The stock has a market cap of $211.89 million, a price-to-earnings ratio of -3.07 and a beta of 1.56. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The stock’s fifty day moving average price is $2.39 and its 200 day moving average price is $2.55. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.92.
8X8 (NASDAQ:EGHT – Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. Equities research analysts predict that 8X8 will post -0.07 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in EGHT. Sei Investments Co. purchased a new position in 8X8 during the second quarter valued at $44,000. XTX Topco Ltd acquired a new position in shares of 8X8 during the 2nd quarter worth about $49,000. Victory Capital Management Inc. lifted its stake in 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after buying an additional 4,670 shares in the last quarter. Williams & Novak LLC acquired a new stake in 8X8 in the 2nd quarter worth about $77,000. Finally, Dynamic Advisor Solutions LLC increased its stake in 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.
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.