8×8, Inc. (NASDAQ:EGHT) Given Consensus Rating of “Hold” by Analysts

by · The Cerbat Gem

8×8, Inc. (NASDAQ:EGHT – Get Free Report) has earned an average recommendation of “Hold” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $2.83.

EGHT has been the subject of several recent research reports. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research note on Thursday, August 22nd. Wells Fargo & Company reduced their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Friday, June 21st. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a research note on Saturday, August 17th. Needham & Company LLC cut their target price on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Barclays cut their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th.

Check Out Our Latest Stock Analysis on EGHT

8X8 Stock Down 1.1 %

NASDAQ EGHT opened at $1.85 on Friday. The business has a fifty day moving average price of $1.97 and a 200 day moving average price of $2.32. 8X8 has a one year low of $1.51 and a one year high of $3.92. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $231.95 million, a P/E ratio of -3.36 and a beta of 1.56.

8X8 (NASDAQ:EGHT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts anticipate that 8X8 will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of 8X8 by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after purchasing an additional 4,255 shares during the period. Dynamic Advisor Solutions LLC grew its holdings 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 worth $77,000 after purchasing an additional 15,665 shares during the period. Sei Investments Co. purchased a new position in shares of 8X8 during the 2nd quarter worth $44,000. Principal Financial Group Inc. grew its holdings in shares of 8X8 by 12.7% during the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock worth $414,000 after purchasing an additional 21,087 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of 8X8 during the 2nd quarter worth $49,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

About 8X8

(Get Free Report

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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