8X8 (NASDAQ:EGHT) Rating Lowered to “Buy” at StockNews.com

StockNews.com lowered shares of 8X8 (NASDAQ:EGHT) from a strong-buy rating to a buy rating in a research note issued to investors on Wednesday morning.

EGHT has been the subject of a number of other research reports. Morgan Stanley boosted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, February 1st. Rosenblatt Securities cut their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research note on Monday. Barclays raised their price target on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Wells Fargo & Company boosted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.99.

8X8 Price Performance

Shares of EGHT stock opened at $2.69 on Wednesday. The stock has a 50 day moving average price of $2.81 and a 200 day moving average price of $2.44. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.41. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $351.48 million, a P/E ratio of -4.89, a P/E/G ratio of 24.05 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. As a group, sell-side analysts predict that 8X8 will post 0.01 earnings per share for the current year.

Institutional Trading of 8X8

A number of hedge funds and other institutional investors have recently modified their holdings of EGHT. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 in the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the third quarter worth $30,000. Virtu Financial LLC purchased a new position in shares of 8X8 during the third quarter worth $36,000. Sei Investments Co. acquired a new stake in shares of 8X8 in the second quarter valued at $44,000. Finally, Intech Investment Management LLC purchased a new stake in shares of 8X8 in the 3rd quarter valued at $49,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.