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

Shares of 8×8, Inc. (NASDAQ:EGHT) have received a consensus recommendation of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $2.87.

Several research firms have issued reports on EGHT. Wells Fargo & Company boosted their target price on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. 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. B. Riley reissued a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th.

Hedge Funds Weigh In On 8X8

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of 8X8 in the second quarter valued at approximately $217,000. Bank of New York Mellon Corp grew its holdings in 8X8 by 10.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock valued at $1,239,000 after buying an additional 52,371 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in 8X8 by 2,383.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock valued at $108,000 after buying an additional 46,564 shares during the last quarter. Principal Financial Group Inc. increased its position in 8X8 by 12.7% during the second quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock worth $414,000 after buying an additional 21,087 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of 8X8 by 21.6% in the second quarter. American Century Companies Inc. now owns 154,009 shares of the company’s stock worth $342,000 after acquiring an additional 27,306 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.68 on Thursday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $350.17 million, a price-to-earnings ratio of -4.87, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. The firm’s fifty day moving average price is $2.71 and its 200 day moving average price is $2.35. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

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

About 8X8

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.