8×8, Inc. (NASDAQ:EGHT) Given Average Rating of “Hold” by Analysts

8×8, Inc. (NASDAQ:EGHT) has been assigned an average rating of “Hold” from the eight ratings firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $2.82.

Several equities research analysts recently commented on the company. Wells Fargo & Company increased their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday. Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Rosenblatt Securities lowered 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. Finally, Needham & Company LLC cut their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

Hedge Funds Weigh In On 8X8

Hedge funds have recently made changes to their positions in the business. Boston Partners raised its stake in 8X8 by 473.2% during the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after purchasing an additional 3,073,230 shares during the period. Acadian Asset Management LLC grew its holdings in 8X8 by 188.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after buying an additional 1,279,145 shares in the last quarter. First Eagle Investment Management LLC raised 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 valued at $2,498,000 after buying an additional 576,418 shares during the last quarter. Invenomic Capital Management LP lifted its holdings in shares of 8X8 by 27.5% in the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after buying an additional 571,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of 8X8 by 5.2% in the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after buying an additional 561,436 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Stock Up 18.5 %

NASDAQ:EGHT opened at $2.75 on Wednesday. The firm has a 50-day simple moving average of $1.97 and a two-hundred day simple moving average of $2.26. The firm has a market cap of $352.91 million, a P/E ratio of -5.50 and a beta of 1.54. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. 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 (NASDAQ:EGHT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The company had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period in the previous year, the business earned $0.02 EPS. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Analysts predict that 8X8 will post -0.09 earnings per share for the current fiscal year.

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.