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

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

Other analysts also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Rosenblatt Securities reduced 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, February 3rd. B. Riley reissued 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. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.99.

8X8 Stock Performance

EGHT opened at $2.75 on Wednesday. The stock’s 50 day simple moving average is $2.80 and its 200 day simple moving average is $2.45. The stock has a market cap of $359.32 million, a P/E ratio of -5.00, a P/E/G ratio of 24.05 and a beta of 1.66. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.41. 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 earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. As a group, equities analysts anticipate that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Trading of 8X8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. B. Riley Financial Inc. acquired a new stake in shares of 8X8 in the third quarter worth approximately $1,997,000. Invenomic Capital Management LP raised its stake in 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the period. FMR LLC boosted its holdings in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after buying an additional 237,181 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of 8X8 during the 3rd quarter worth $332,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

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.