8X8 (NASDAQ:EGHT) Upgraded to “Buy” by StockNews.com

8X8 (NASDAQ:EGHT) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

Other equities research analysts have also issued reports about the stock. Barclays lowered their target price on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC decreased 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 decreased their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Friday, June 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus price target of $2.83.

8X8 Stock Performance

EGHT traded up $0.01 during midday trading on Wednesday, hitting $2.09. 417,985 shares of the company were exchanged, compared to its average volume of 1,219,391. The company’s 50 day simple moving average is $1.88 and its 200 day simple moving average is $2.29. The firm has a market capitalization of $262.04 million, a price-to-earnings ratio of -3.80 and a beta of 1.56. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last posted its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (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 firm had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $178.90 million. During the same period in the previous year, the company earned ($0.04) earnings per share. The company’s revenue was down 5.7% compared to the same quarter last year. As a group, sell-side analysts predict that 8X8 will post -0.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Creative Planning lifted its stake in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in 8X8 in the 2nd quarter worth approximately $77,000. Susquehanna Fundamental Investments LLC lifted its stake in 8X8 by 62.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after purchasing an additional 168,057 shares in the last quarter. Mackenzie Financial Corp lifted its stake in 8X8 by 73.5% in the 2nd quarter. Mackenzie Financial Corp now owns 118,775 shares of the company’s stock worth $264,000 after purchasing an additional 50,328 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of 8X8 during the 2nd quarter worth approximately $44,000. 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.