Morgan Stanley cut shares of 8X8 (NASDAQ:EGHT – Free Report) from an equal weight rating to an underweight rating in a research report report published on Friday morning, MarketBeat.com reports. Morgan Stanley currently has $2.00 target price on the stock, down from their previous target price of $3.00.
Several other research analysts have also commented on the company. Needham & Company LLC reissued a buy rating and set a $3.50 price objective on shares of 8X8 in a report on Monday, May 20th. StockNews.com lowered shares of 8X8 from a buy rating to a hold rating in a report on Friday, May 10th. Finally, Rosenblatt Securities reiterated a buy rating and issued a $4.00 target price on shares of 8X8 in a research report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $3.38.
View Our Latest Stock Report on EGHT
8X8 Price Performance
8X8 (NASDAQ:EGHT – Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $179.41 million during the quarter, compared to analyst estimates of $178.85 million. During the same period in the previous year, the business earned ($0.03) EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, sell-side analysts forecast that 8X8 will post -0.07 EPS for the current fiscal year.
Institutional Trading of 8X8
Several hedge funds have recently added to or reduced their stakes in EGHT. Dark Forest Capital Management LP purchased a new position in shares of 8X8 in the third quarter worth about $43,000. Victory Capital Management Inc. boosted its stake in shares of 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of 8X8 by 494.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock valued at $88,000 after purchasing an additional 19,310 shares during the period. Aigen Investment Management LP bought a new position in shares of 8X8 in the third quarter worth approximately $63,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of 8X8 in the third quarter worth $65,000. 93.99% of the stock is owned by 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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