8X8 (NASDAQ:EGHT) Lowered to Hold at StockNews.com

8X8 (NASDAQ:EGHT) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Several other research firms have also recently issued reports on EGHT. Needham & Company LLC cut their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price target on shares of 8X8 in a report on Thursday, August 22nd. Barclays cut their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday. Finally, Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.00.

8X8 Stock Down 0.5 %

Shares of NASDAQ EGHT traded down $0.01 during trading on Friday, reaching $1.99. 334,233 shares of the stock were exchanged, compared to its average volume of 1,191,395. The business’s 50-day moving average price is $1.91 and its 200 day moving average price is $2.27. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The company has a market capitalization of $249.50 million, a price-to-earnings ratio of -3.62 and a beta of 1.56.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The company’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) earnings per share. As a group, equities analysts forecast that 8X8 will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently modified their holdings of EGHT. Boston Partners grew its position in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after acquiring an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after acquiring an additional 1,279,145 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of 8X8 by 105.1% during the second 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 last quarter. Invenomic Capital Management LP grew its position in shares of 8X8 by 27.5% during the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after acquiring an additional 571,245 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after acquiring an additional 561,436 shares during the last quarter. 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.