8X8 (NASDAQ:EGHT) Upgraded to Hold by Wedbush

Wedbush upgraded shares of 8X8 (NASDAQ:EGHT) to a hold rating in a research report sent to investors on Thursday morning, Zacks.com reports.

Other research analysts have also issued reports about the stock. Needham & Company LLC dropped their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company cut their target price on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Friday, June 21st. Rosenblatt Securities restated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Thursday, August 22nd. Barclays cut their price objective 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, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, 8X8 has an average rating of “Hold” and an average price target of $2.83.

8X8 Stock Up 0.5 %

EGHT opened at $1.98 on Thursday. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92. The business has a 50 day moving average price of $1.88 and a two-hundred day moving average price of $2.28. 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 cap of $248.24 million, a PE ratio of -3.60 and a beta of 1.56.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $178.90 million. During the same quarter last year, the company earned ($0.04) EPS. 8X8’s revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, research analysts anticipate that 8X8 will post -0.08 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EGHT. Sei Investments Co. acquired a new stake in 8X8 in the 2nd quarter valued at about $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 in the second quarter valued at approximately $49,000. Sanctuary Advisors LLC purchased a new position in shares of 8X8 during the 2nd quarter worth approximately $77,000. Williams & Novak LLC acquired a new position in shares of 8X8 during the 2nd quarter worth approximately $77,000. Finally, Dynamic Advisor Solutions LLC lifted its stake in 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after buying an additional 15,665 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.