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

8X8 (NASDAQ:EGHT) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

EGHT has been the subject of a number of other research reports. Needham & Company LLC dropped their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday. Rosenblatt Securities reissued a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research note on Wednesday. Barclays cut their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday. Wells Fargo & Company lowered their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st. Finally, Morgan Stanley lowered 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 note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, 8X8 has an average rating of “Hold” and an average target price of $2.96.

8X8 Price Performance

Shares of NASDAQ EGHT traded down $0.07 during trading on Friday, reaching $1.84. The company had a trading volume of 3,052,106 shares, compared to its average volume of 1,322,656. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 4.02. The stock has a market capitalization of $230.69 million, a PE ratio of -3.35 and a beta of 1.56. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The stock has a 50-day moving average price of $2.48 and a two-hundred day moving average price of $2.61.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The firm had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. During the same period in the prior year, the business earned ($0.04) earnings per share. 8X8’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts predict that 8X8 will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

A number of institutional investors have recently made changes to their positions in EGHT. Boston Partners lifted its position in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after purchasing an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC lifted its stake in 8X8 by 188.7% during the first 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 last quarter. Invenomic Capital Management LP boosted its holdings in 8X8 by 91.1% in the fourth quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock worth $7,854,000 after purchasing an additional 990,352 shares during the period. Essex Investment Management Co. LLC bought a new stake in 8X8 during the fourth quarter valued at $2,123,000. Finally, Vanguard Group Inc. raised its holdings in shares of 8X8 by 5.2% during the first 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. 93.99% of the stock is owned by institutional investors and hedge funds.

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.