8×8, Inc. (NASDAQ:EGHT) Given Average Rating of “Hold” by Brokerages

8×8, Inc. (NASDAQ:EGHT) has been given an average recommendation of “Hold” by the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $2.99.

A number of analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC boosted their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company increased their price target on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $2.75 to $2.50 in a report on Friday, December 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EGHT. Pallas Capital Advisors LLC bought a new position in 8X8 in the 4th quarter worth $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 in the third quarter valued at about $30,000. Virtu Financial LLC bought a new position in shares of 8X8 in the third quarter worth about $36,000. Sei Investments Co. purchased a new stake in shares of 8X8 during the second quarter worth about $44,000. Finally, Intech Investment Management LLC bought a new stake in 8X8 during the 3rd quarter valued at approximately $49,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.84 on Friday. The firm has a market cap of $371.07 million, a P/E ratio of -5.16, a PEG ratio of 24.05 and a beta of 1.66. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.41. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The company has a 50 day moving average of $2.80 and a 200 day moving average of $2.44.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. As a group, research analysts expect that 8X8 will post 0.01 EPS for the current fiscal year.

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.