8X8 (NASDAQ:EGHT – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.
A number of other brokerages also recently commented on EGHT. Barclays lowered their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Needham & Company LLC lowered their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. B. Riley restated a “buy” rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $4.00 target price on shares of 8X8 in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.00.
View Our Latest Stock Report on 8X8
8X8 Price Performance
8X8 (NASDAQ:EGHT – Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.04) earnings per share. As a group, equities analysts anticipate that 8X8 will post -0.08 EPS for the current fiscal year.
Institutional Investors Weigh In On 8X8
Several institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in 8X8 by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after buying an additional 4,255 shares during the period. Creative Planning grew its stake in 8X8 by 16.6% during the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 during the third quarter worth $30,000. Dynamic Advisor Solutions LLC lifted its position in shares of 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after purchasing an additional 15,665 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in shares of 8X8 during the second quarter worth $44,000. 93.99% of the stock is currently 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.
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