8X8 (NASDAQ:EGHT) Downgraded by StockNews.com

StockNews.com cut shares of 8X8 (NASDAQ:EGHT) from a buy rating to a hold rating in a research report released on Saturday morning.

EGHT has been the subject of several other reports. Wells Fargo & Company cut their price target on shares of 8X8 from $2.00 to $1.50 and set an underweight rating for the company in a report on Friday, June 21st. Needham & Company LLC reduced their target price on 8X8 from $3.50 to $3.00 and set a buy rating on the stock in a report on Friday, August 9th. Rosenblatt Securities restated a buy rating and set a $4.00 price target on shares of 8X8 in a research report on Wednesday, August 7th. Barclays cut 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. Finally, Morgan Stanley cut 8X8 from an equal weight rating to an underweight rating and decreased their target price for the stock from $3.00 to $2.00 in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $2.83.

8X8 Trading Up 2.4 %

Shares of EGHT opened at $1.73 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 4.02. The stock has a market cap of $216.90 million, a PE ratio of -3.15 and a beta of 1.56. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92. The stock has a 50 day simple moving average of $2.38 and a 200-day simple moving average of $2.53.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.04) earnings per share. On average, sell-side analysts predict that 8X8 will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Sei Investments Co. bought a new stake in shares of 8X8 during the second quarter worth $44,000. XTX Topco Ltd bought a new stake in 8X8 during the 2nd quarter worth about $49,000. Victory Capital Management Inc. lifted its position in 8X8 by 36.9% during the 4th 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. Williams & Novak LLC bought a new position in shares of 8X8 in the 2nd quarter valued at about $77,000. Finally, Dynamic Advisor Solutions LLC grew 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 worth $77,000 after buying an additional 15,665 shares during the period. 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.