8X8 (NASDAQ:EGHT) Downgraded by Mizuho to Underperform

Mizuho downgraded shares of 8X8 (NASDAQ:EGHT) from a neutral rating to an underperform rating in a research report report published on Friday morning, MarketBeat.com reports. Mizuho currently has $2.50 target price on the stock, down from their previous target price of $2.75.

Several other research analysts also recently issued reports on EGHT. Wells Fargo & Company upped their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, 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. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.79.

8X8 Price Performance

Shares of EGHT stock opened at $2.63 on Friday. The business has a fifty day simple moving average of $2.59 and a 200 day simple moving average of $2.35. The company has a market cap of $342.99 million, a P/E ratio of -4.77, a P/E/G ratio of 26.98 and a beta of 1.63. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. B. Riley Financial Inc. acquired a new stake in shares of 8X8 during the third quarter worth $1,997,000. Sanctuary Advisors LLC bought a new stake in 8X8 during the second quarter valued at $77,000. First Eagle Investment Management LLC grew its holdings in 8X8 by 105.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after acquiring an additional 576,418 shares during the period. Dynamic Advisor Solutions LLC raised its position in shares of 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after acquiring an additional 15,665 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of 8X8 in the 2nd quarter valued at about $217,000. 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.