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

Shares of 8×8, Inc. (NASDAQ:EGHT) have received an average recommendation of “Hold” from the seven research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $3.11.

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

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its position in 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after buying an additional 4,255 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after acquiring an additional 4,670 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of 8X8 by 0.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock worth $2,454,000 after purchasing an additional 5,043 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of 8X8 by 26.4% in the 4th quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock worth $145,000 after purchasing an additional 8,014 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of 8X8 by 18.2% in the 4th 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 in the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 0.9 %

EGHT opened at $2.25 on Thursday. The company has a 50-day simple moving average of $2.43 and a 200 day simple moving average of $2.79. The stock has a market capitalization of $282.11 million, a price-to-earnings ratio of -4.09 and a beta of 1.57. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02. 8X8 has a twelve month low of $1.85 and a twelve month high of $4.88.

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