8×8, Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of “Hold” from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have received an average recommendation of “Hold” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $3.11.

Several equities research analysts recently issued reports on EGHT shares. Needham & Company LLC reissued a “buy” rating and issued a $3.50 target price on shares of 8X8 in a report on Monday, May 20th. Wells Fargo & Company reduced their target price on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Friday, June 21st. StockNews.com lowered shares of 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Finally, Morgan Stanley cut shares of 8X8 from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $3.00 to $2.00 in a research report on Friday, June 14th.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $3.34 on Monday. The firm’s 50 day moving average price is $2.51 and its 200-day moving average price is $2.67. 8X8 has a twelve month low of $1.85 and a twelve month high of $4.88. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02. The stock has a market capitalization of $427.39 million, a PE ratio of -6.07 and a beta of 1.57.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $179.41 million for the quarter, compared to analysts’ expectations of $178.85 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The business’s quarterly revenue was down 2.8% on a year-over-year basis. Equities research analysts expect that 8X8 will post -0.07 EPS for the current year.

Institutional Trading of 8X8

A number of large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of 8X8 by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after purchasing an additional 4,255 shares during the period. Victory Capital Management Inc. boosted its stake in shares of 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of 8X8 by 0.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock valued at $2,454,000 after purchasing an additional 5,043 shares during the period. New York State Common Retirement Fund boosted its stake in shares of 8X8 by 26.4% during the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock valued at $145,000 after purchasing an additional 8,014 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of 8X8 by 18.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock valued at $191,000 after purchasing an additional 8,282 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

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.