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

StockNews.com upgraded shares of 8X8 (NASDAQ:EGHT) from a hold rating to a buy rating in a research note released on Monday.

EGHT has been the subject of a number of other reports. Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Barclays reduced their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Rosenblatt Securities cut their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Needham & Company LLC lowered their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, B. Riley restated a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.67.

8X8 Price Performance

8X8 stock opened at $2.32 on Monday. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The stock’s 50 day simple moving average is $1.96 and its two-hundred day simple moving average is $2.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to the consensus estimate of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. As a group, equities analysts forecast that 8X8 will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 in the 3rd quarter worth $30,000. Sei Investments Co. bought a new position in shares of 8X8 in the second quarter worth about $44,000. XTX Topco Ltd purchased a new position in shares of 8X8 during the 2nd quarter valued at about $49,000. Dynamic Advisor Solutions LLC lifted its position in shares of 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after buying an additional 15,665 shares in the last quarter. Finally, Williams & Novak LLC bought a new position in shares of 8X8 during the 2nd quarter valued at approximately $77,000. 93.99% of the stock is currently owned by institutional investors.

About 8X8

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.