8X8 (NASDAQ:EGHT) Rating Increased to Strong-Buy at StockNews.com

8X8 (NASDAQ:EGHT) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company boosted their target price 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. Rosenblatt Securities dropped their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Barclays increased their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.87.

8X8 Stock Down 0.3 %

EGHT stock opened at $2.97 on Tuesday. The stock has a market capitalization of $388.06 million, a price-to-earnings ratio of -5.40, a price-to-earnings-growth ratio of 23.02 and a beta of 1.66. The company has a 50-day moving average of $2.83 and a two-hundred day moving average of $2.44. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.69. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate 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 firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.02 EPS. As a group, equities research analysts anticipate that 8X8 will post 0.01 EPS for the current year.

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in 8X8 by 0.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after acquiring an additional 4,145 shares during the period. Creative Planning boosted its stake in shares of 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after purchasing an additional 5,453 shares in the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of 8X8 in the 4th quarter worth about $29,000. BNP Paribas Financial Markets grew its holdings in shares of 8X8 by 8.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after purchasing an additional 11,287 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 during the 3rd quarter worth about $30,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.