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

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given an average recommendation of “Hold” by the eight analysts that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $2.87.

EGHT has been the topic of a number of recent analyst reports. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Morgan Stanley upped their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Barclays increased their price target on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, B. Riley reissued a “buy” rating and issued a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th.

Hedge Funds Weigh In On 8X8

Hedge funds and other institutional investors have recently bought and sold shares of the stock. B. Riley Financial Inc. bought a new stake in shares of 8X8 in the 3rd quarter worth approximately $1,997,000. First Eagle Investment Management LLC increased its position in 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after buying an additional 576,418 shares during the period. Invenomic Capital Management LP lifted its stake in 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 buying an additional 524,580 shares during the last quarter. FMR LLC boosted its holdings in shares of 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after acquiring an additional 314,441 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Price Performance

EGHT opened at $2.70 on Thursday. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The firm has a market cap of $352.78 million, a price-to-earnings ratio of -4.91, a PEG ratio of 26.98 and a beta of 1.63. 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 company has a fifty day simple moving average of $2.67 and a 200 day simple moving average of $2.35.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period last year, the firm earned $0.02 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. Equities research analysts expect 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.