8X8 (NASDAQ:EGHT) Stock Rating Upgraded by StockNews.com

8X8 (NASDAQ:EGHT) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

Other analysts have also recently issued research reports about the stock. Morgan Stanley upped their target price on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities cut their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Barclays upped their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, January 18th. Finally, Wells Fargo & Company upped their target price on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.87.

8X8 Trading Up 6.0 %

Shares of NASDAQ EGHT traded up $0.17 during midday trading on Tuesday, hitting $2.98. The stock had a trading volume of 741,006 shares, compared to its average volume of 849,259. 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 has a fifty-two week low of $1.51 and a fifty-two week high of $3.76. The firm has a market cap of $389.37 million, a P/E ratio of -5.42, a price-to-earnings-growth ratio of 23.02 and a beta of 1.66. The company’s 50-day simple moving average is $2.82 and its 200 day simple moving average is $2.44.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period in the prior year, the company posted $0.02 EPS. The company’s revenue was down 2.2% compared to the same quarter last year. Research analysts anticipate that 8X8 will post 0.01 EPS for the current year.

Hedge Funds Weigh In On 8X8

A number of large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its holdings in shares of 8X8 by 39.4% during the fourth quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock worth $163,000 after buying an additional 17,259 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in shares of 8X8 during the 4th quarter worth approximately $29,000. Sanctuary Advisors LLC raised its holdings in shares of 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after purchasing an additional 60,316 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of 8X8 in the third quarter worth $36,000. Finally, Barclays PLC grew its position in 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after purchasing an additional 143,791 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

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.