8×8, Inc. (NASDAQ:EGHT) Receives $2.83 Consensus PT from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have been assigned an average rating of “Hold” from the six analysts that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $2.83.

EGHT has been the subject of a number of research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 target price on shares of 8X8 in a research report on Wednesday, August 7th. StockNews.com cut 8X8 from a “buy” rating to a “hold” rating in a research report on Saturday. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $3.00 to $2.00 in a research report on Friday, June 14th. Barclays decreased their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Wells Fargo & Company decreased their target price on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st.

8X8 Stock Performance

EGHT opened at $1.69 on Friday. 8X8 has a one year low of $1.51 and a one year high of $3.92. The company has a market cap of $211.89 million, a P/E ratio of -3.07 and a beta of 1.56. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The business’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $2.54.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The business had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. During the same quarter in the previous year, the company posted ($0.04) EPS. The company’s revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts expect that 8X8 will post -0.07 EPS for the current fiscal year.

Institutional Trading of 8X8

Hedge funds have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in 8X8 during the 1st quarter worth approximately $732,000. Boston Partners raised its stake in shares of 8X8 by 473.2% during the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after buying an additional 3,073,230 shares in the last quarter. Vanguard Group Inc. raised its stake 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 worth $30,912,000 after buying an additional 561,436 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of 8X8 by 188.7% during the 1st 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 in the last quarter. Finally, First Eagle Investment Management LLC purchased a new position in shares of 8X8 during the 1st quarter worth approximately $1,482,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.