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

8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $3.11.

A number of equities research analysts have commented on EGHT shares. StockNews.com downgraded shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $3.00 to $2.00 in a research report on Friday, June 14th. Needham & Company LLC reissued a “buy” rating and issued a $3.50 target price on shares of 8X8 in a research report on Monday, May 20th. Finally, Wells Fargo & Company cut their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Friday, June 21st.

8X8 Trading Down 0.9 %

8X8 stock opened at $2.25 on Thursday. 8X8 has a one year low of $1.85 and a one year high of $4.88. The business’s fifty day moving average is $2.43 and its 200 day moving average is $2.79. The stock has a market capitalization of $282.11 million, a PE ratio of -4.09 and a beta of 1.57. The company has a debt-to-equity ratio of 4.02, a current ratio of 1.44 and a quick ratio of 1.44.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 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 $179.41 million for the quarter, compared to the consensus estimate of $178.85 million. During the same quarter last year, the firm posted ($0.03) EPS. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts predict that 8X8 will post -0.09 EPS for the current year.

Institutional Trading of 8X8

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of 8X8 by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after buying an additional 4,255 shares during the period. Victory Capital Management Inc. increased its holdings in 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after acquiring an additional 4,670 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in 8X8 by 0.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock worth $2,454,000 after acquiring an additional 5,043 shares during the period. New York State Common Retirement Fund lifted its holdings in 8X8 by 26.4% during the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock valued at $145,000 after purchasing an additional 8,014 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of 8X8 by 18.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock worth $191,000 after purchasing an additional 8,282 shares during the period. 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.