8X8 (NASDAQ:EGHT) Upgraded to “Buy” by StockNews.com

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

A number of other analysts have also weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $4.00 target price on shares of 8X8 in a report on Thursday, August 22nd. Barclays reduced their price target on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Needham & Company LLC reduced their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Wells Fargo & Company reduced their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Friday, June 21st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.83.

8X8 Stock Up 0.5 %

8X8 stock traded up $0.01 during mid-day trading on Wednesday, reaching $2.09. 417,985 shares of the company were exchanged, compared to its average volume of 1,219,391. The business has a fifty day moving average of $1.88 and a 200 day moving average of $2.29. 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 firm has a market cap of $262.04 million, a P/E ratio of -3.80 and a beta of 1.56. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.92.

8X8 (NASDAQ:EGHT) last posted its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $172.80 million for 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 firm’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) EPS. Research analysts anticipate that 8X8 will post -0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 8X8

Several hedge funds have recently made changes to their positions in EGHT. Boston Partners increased its position in shares of 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after acquiring an additional 3,073,230 shares during the period. Acadian Asset Management LLC increased its position in shares of 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after acquiring an additional 1,279,145 shares during the period. First Eagle Investment Management LLC increased its position in shares of 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after acquiring an additional 576,418 shares during the period. Invenomic Capital Management LP increased its position in shares of 8X8 by 27.5% in the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after acquiring an additional 571,245 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

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.