8X8 (NASDAQ:EGHT) Stock Rating Lowered by Mizuho

8X8 (NASDAQ:EGHT) was downgraded by Mizuho from a “neutral” rating to an “underperform” rating in a report released on Friday, Marketbeat.com reports. They presently have a $2.50 target price on the stock, down from their previous target price of $2.75. Mizuho’s target price suggests a potential downside of 4.76% from the stock’s previous close.

Several other analysts have also issued reports on EGHT. 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, October 24th. Rosenblatt Securities dropped their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.79.

8X8 Stock Down 15.9 %

NASDAQ EGHT opened at $2.63 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The company has a market cap of $342.99 million, a price-to-earnings ratio of -4.77, a PEG ratio of 26.98 and a beta of 1.63. The company has a 50 day moving average of $2.59 and a 200-day moving average of $2.35. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS. On average, equities research analysts expect that 8X8 will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently added to or reduced their stakes in the business. B. Riley Financial Inc. bought a new stake in 8X8 in the third quarter valued at $1,997,000. Sanctuary Advisors LLC bought a new position in shares of 8X8 in the 2nd quarter worth $77,000. First Eagle Investment Management LLC grew its position in 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after purchasing an additional 576,418 shares during the period. Dynamic Advisor Solutions LLC increased its stake in 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after purchasing an additional 15,665 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in 8X8 during the second quarter worth $217,000. 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.