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

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given a consensus rating of “Hold” by the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $2.82.

EGHT has been the topic of several recent research reports. Needham & Company LLC dropped their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Wells Fargo & Company upped their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Barclays increased their price target on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Rosenblatt Securities dropped their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after buying an additional 561,436 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of 8X8 by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after acquiring an additional 4,255 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of 8X8 by 10.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,035,486 shares of the company’s stock worth $2,796,000 after purchasing an additional 99,371 shares in the last quarter. Invenomic Capital Management LP raised its stake in 8X8 by 27.5% in the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after purchasing an additional 571,245 shares during the last quarter. Finally, Virtus Investment Advisers Inc. purchased a new position in 8X8 in the 1st quarter valued at $139,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Price Performance

Shares of EGHT opened at $3.14 on Friday. The firm has a market capitalization of $410.28 million, a PE ratio of -5.71, a price-to-earnings-growth ratio of 27.32 and a beta of 1.54. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The company’s fifty day moving average price is $2.35 and its 200-day moving average price is $2.33. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same period in the prior year, the company earned $0.02 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. On average, equities research analysts predict that 8X8 will post 0.01 EPS for the current year.

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.