8X8 (NASDAQ:EGHT) Upgraded to “Strong-Buy” at StockNews.com

8X8 (NASDAQ:EGHT) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday.

A number of other equities research analysts have also recently issued reports on EGHT. Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Rosenblatt Securities dropped their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $2.75 to $2.50 in a report on Friday, December 13th. Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company increased their target price on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.87.

8X8 Stock Up 6.0 %

Shares of EGHT traded up $0.17 during mid-day trading on Tuesday, hitting $2.98. 741,006 shares of the company’s stock were exchanged, compared to its average volume of 849,259. The stock has a market cap of $389.37 million, a price-to-earnings ratio of -5.42, a P/E/G ratio of 23.02 and a beta of 1.66. The firm has a fifty day moving average of $2.82 and a two-hundred day moving average of $2.44. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.76.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping 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 firm had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period in the prior year, the business posted $0.02 earnings per share. The business’s quarterly revenue was down 2.2% on a year-over-year basis. On average, sell-side analysts forecast that 8X8 will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

Institutional investors have recently bought and sold shares of the business. B. Riley Financial Inc. acquired a new stake in 8X8 in the 3rd quarter valued at $1,997,000. Invenomic Capital Management LP boosted its stake in shares of 8X8 by 10.5% in the 3rd 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 in the last quarter. FMR LLC grew its holdings in shares of 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 purchasing an additional 314,441 shares during the last quarter. Geode Capital Management LLC increased its position 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 worth $6,085,000 after purchasing an additional 237,181 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its position in shares of 8X8 by 62.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after purchasing an additional 168,057 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.