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

StockNews.com downgraded shares of 8X8 (NASDAQ:EGHT) from a strong-buy rating to a buy rating in a research note released on Wednesday.

A number of other research firms have also recently weighed in on EGHT. Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Rosenblatt Securities lowered their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Morgan Stanley boosted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Finally, Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, 8X8 currently has an average rating of “Hold” and a consensus price target of $2.99.

8X8 Price Performance

8X8 stock opened at $2.75 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $359.32 million, a P/E ratio of -5.00, a PEG ratio of 24.05 and a beta of 1.66. The firm has a fifty day moving average of $2.80 and a 200-day moving average of $2.45. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.41.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. As a group, analysts predict that 8X8 will post 0.01 EPS for the current year.

Hedge Funds Weigh In On 8X8

Hedge funds have recently bought and sold shares of the company. Pallas Capital Advisors LLC bought a new position in 8X8 during the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the 3rd quarter valued at about $30,000. Virtu Financial LLC acquired a new stake in 8X8 in the third quarter worth approximately $36,000. Sei Investments Co. bought a new position in 8X8 during the 2nd quarter valued at $44,000. Finally, Intech Investment Management LLC bought a new stake in shares of 8X8 in the 3rd quarter worth $49,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.