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

8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus rating of “Hold” from the eight ratings firms that are currently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $2.87.

Several research firms have commented on EGHT. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $2.75 to $2.50 in a report on Friday, December 13th. B. Riley reaffirmed a “buy” rating and set a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Morgan Stanley upped their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th.

Hedge Funds Weigh In On 8X8

Several hedge funds and other institutional investors have recently made changes to their positions in EGHT. B. Riley Financial Inc. purchased a new position in 8X8 in the third quarter valued at about $1,997,000. First Eagle Investment Management LLC grew its stake in shares of 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after buying an additional 576,418 shares in the last quarter. Invenomic Capital Management LP grew its stake in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares in the last quarter. FMR LLC lifted its position in 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after acquiring an additional 314,441 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.68 on Thursday. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92. The firm has a 50 day simple moving average of $2.71 and a 200-day simple moving average of $2.35. The firm has a market cap of $350.17 million, a PE ratio of -4.87, a P/E/G ratio of 26.98 and a beta of 1.63. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18.

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

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.