8X8 (NASDAQ:EGHT) Stock Rating Reaffirmed by B. Riley

8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating reaffirmed by B. Riley in a report released on Thursday, Benzinga reports. They currently have a $4.00 price target on the stock, down from their prior price target of $7.00. B. Riley’s price objective would suggest a potential upside of 102.02% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Thursday, August 22nd. Barclays decreased their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Finally, Needham & Company LLC dropped their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.00.

8X8 Stock Performance

NASDAQ:EGHT opened at $1.98 on Thursday. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The company has a market cap of $248.24 million, a price-to-earnings ratio of -3.60 and a beta of 1.56. The stock has a fifty day moving average price of $1.90 and a 200-day moving average price of $2.27.

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

Institutional Investors Weigh In On 8X8

Several hedge funds have recently added to or reduced their stakes in EGHT. Price T Rowe Associates Inc. MD increased its position in 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after acquiring an additional 4,255 shares during the period. Creative Planning raised its position in 8X8 by 16.6% during the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the 3rd quarter worth about $30,000. Dynamic Advisor Solutions LLC lifted its holdings in 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. Finally, Sei Investments Co. acquired a new stake in shares of 8X8 in the second quarter valued at about $44,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.