8X8’s (EGHT) Buy Rating Reiterated at B. Riley

B. Riley reissued their buy rating on shares of 8X8 (NASDAQ:EGHT) in a research note issued to investors on Thursday morning, Benzinga reports. B. Riley currently has a $4.00 price objective on the stock, down from their previous price objective of $7.00.

A number of other equities analysts also recently commented on the company. Needham & Company LLC reduced their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays reduced their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.00.

8X8 Stock Down 0.5 %

NASDAQ EGHT opened at $1.99 on Thursday. 8X8 has a one year low of $1.51 and a one year high of $3.92. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The business has a fifty day moving average price of $1.92 and a 200 day moving average price of $2.26. The company has a market cap of $255.38 million, a P/E ratio of -3.98 and a beta of 1.56.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) earnings per share. Research analysts anticipate that 8X8 will post -0.08 EPS for the current fiscal year.

Institutional Trading of 8X8

Institutional investors and hedge funds have recently bought and sold shares of the business. Boston Partners grew its stake in shares of 8X8 by 473.2% in the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after acquiring an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of 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 in the last quarter. First Eagle Investment Management LLC increased its holdings 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 valued at $2,498,000 after buying an additional 576,418 shares during the last quarter. Invenomic Capital Management LP raised its stake in 8X8 by 27.5% in the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after buying an additional 571,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after buying an additional 561,436 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.