8X8 (NASDAQ:EGHT – Get Free Report) was upgraded by stock analysts at Wedbush to a “hold” rating in a research report issued on Thursday, Zacks.com reports.
EGHT has been the topic of a number of other research reports. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price target on shares of 8X8 in a report on Thursday, August 22nd. Wells Fargo & Company lowered their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Friday, June 21st. Barclays reduced their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Needham & Company LLC lowered their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 8X8 has a consensus rating of “Hold” and an average target price of $2.83.
View Our Latest Analysis on EGHT
8X8 Price Performance
8X8 (NASDAQ:EGHT – Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company 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 company’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) earnings per share. Analysts expect that 8X8 will post -0.08 EPS for the current fiscal year.
Hedge Funds Weigh In On 8X8
Several institutional investors have recently made changes to their positions in the business. Sei Investments Co. bought a new stake in 8X8 during the second quarter valued at approximately $44,000. XTX Topco Ltd purchased a new stake in shares of 8X8 in the 2nd quarter worth $49,000. Williams & Novak LLC bought a new position in 8X8 in the 2nd quarter worth $77,000. Dynamic Advisor Solutions LLC lifted its position in 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after purchasing an additional 15,665 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in 8X8 during the second quarter valued at about $77,000. Institutional investors own 93.99% of the company’s stock.
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.
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