8×8, Inc. (NASDAQ:EGHT) Given Average Rating of “Hold” by Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given an average recommendation of “Hold” by the seven brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $3.11.

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

8X8 Stock Performance

EGHT opened at $2.22 on Thursday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 4.02. 8X8 has a 12-month low of $1.85 and a 12-month high of $4.88. The firm has a 50 day moving average of $2.43 and a two-hundred day moving average of $2.81. The firm has a market capitalization of $278.34 million, a PE ratio of -4.04 and a beta of 1.57.

8X8 (NASDAQ:EGHT) last issued its earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $179.41 million during the quarter, compared to analysts’ expectations of $178.85 million. During the same quarter last year, the company posted ($0.03) earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, analysts anticipate that 8X8 will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EGHT. Dark Forest Capital Management LP purchased a new stake in 8X8 during the 3rd quarter worth approximately $43,000. Victory Capital Management Inc. raised its stake in 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in 8X8 by 494.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock valued at $88,000 after purchasing an additional 19,310 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in 8X8 during the 3rd quarter worth $65,000. Finally, SG Americas Securities LLC grew its holdings in shares of 8X8 by 47.5% during the fourth quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock worth $107,000 after buying an additional 9,074 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

About 8X8

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.