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

StockNews.com upgraded shares of 8X8 (NASDAQ:EGHT) from a hold rating to a buy rating in a research report released on Monday morning.

A number of other research analysts have also issued reports on EGHT. Barclays decreased their target price 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. Needham & Company LLC lowered their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. B. Riley reiterated a “buy” rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Rosenblatt Securities decreased their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th. Finally, Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.82.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.95 on Monday. The stock has a 50 day simple moving average of $1.99 and a 200 day simple moving average of $2.26. The stock has a market cap of $378.57 million, a P/E ratio of -5.35 and a beta of 1.54. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.06% 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 quarter last year, the firm earned $0.02 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. Research analysts anticipate that 8X8 will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC bought a new position in shares of 8X8 in the third quarter worth about $30,000. Sei Investments Co. acquired a new stake in 8X8 in the second quarter valued at approximately $44,000. XTX Topco Ltd bought a new stake in shares of 8X8 during the second quarter worth $49,000. Dynamic Advisor Solutions LLC increased its holdings in shares of 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares in the last quarter. Finally, Williams & Novak LLC bought a new position in shares of 8X8 in the 2nd quarter valued at $77,000. Institutional investors 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.