StockNews.com Upgrades 8X8 (NASDAQ:EGHT) to Buy

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

Several other research firms have also issued reports on EGHT. B. Riley reaffirmed a “buy” rating and issued a $4.00 price objective (down from $7.00) on shares of 8X8 in a research note 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 report on Monday, October 28th. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Barclays cut their price objective 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. Finally, Needham & Company LLC lowered their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two research 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.67.

8X8 Stock Performance

Shares of EGHT opened at $2.32 on Monday. The company’s fifty day moving average is $1.96 and its 200 day moving average is $2.26. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. 8X8 has a fifty-two week low of $1.51 and a fifty-two week 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). 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business had revenue of $172.80 million during the quarter, compared to the consensus estimate of $178.90 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was down 5.7% on a year-over-year basis. On average, analysts forecast that 8X8 will post -0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Versor Investments LP bought a new position in 8X8 in the 3rd quarter worth about $136,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 in the third quarter valued at approximately $30,000. Creative Planning grew its stake in 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in 8X8 during the 2nd quarter worth $77,000. Finally, Susquehanna Fundamental Investments LLC raised its position in 8X8 by 62.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock valued at $975,000 after purchasing an additional 168,057 shares in the last quarter. Hedge funds and other 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.