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

StockNews.com cut shares of 8X8 (NASDAQ:EGHT) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

A number of other research analysts have also commented on the stock. Wedbush upgraded shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Rosenblatt Securities restated a “buy” rating and issued a $4.00 target price on shares of 8X8 in a research note on Thursday, August 22nd. B. Riley reiterated a “buy” rating and set a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday. Barclays decreased 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 cut their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, 8X8 currently has an average rating of “Hold” and a consensus target price of $3.00.

8X8 Stock Performance

NASDAQ:EGHT opened at $1.99 on Friday. The business’s fifty day moving average is $1.92 and its 200 day moving average is $2.26. The firm has a market cap of $255.38 million, a price-to-earnings ratio of -3.98 and a beta of 1.56. 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 52-week low of $1.51 and a 52-week high of $3.92.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 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 $172.80 million for the quarter, compared to the consensus estimate of $178.90 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. Research analysts predict that 8X8 will post -0.08 EPS for the current year.

Institutional Investors Weigh In On 8X8

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after purchasing an additional 561,436 shares during the last quarter. Boston Partners grew its stake in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after buying an additional 3,073,230 shares during the last quarter. Invenomic Capital Management LP increased 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 during the period. Acadian Asset Management LLC increased its holdings in shares of 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after buying an additional 1,279,145 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 8X8 by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock valued at $3,294,000 after acquiring an additional 145,606 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

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.