8X8 (NASDAQ:EGHT) Lowered to Buy Rating by StockNews.com

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

EGHT has been the subject of a number of other reports. Rosenblatt Securities lowered their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday. B. Riley reissued a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Finally, Morgan Stanley increased their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.99.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.69 on Wednesday. The company has a 50 day moving average of $2.81 and a 200 day moving average of $2.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The stock has a market cap 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 has a 12 month low of $1.51 and a 12 month high of $3.41.

8X8 (NASDAQ:EGHT) last released its quarterly 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, sell-side analysts forecast that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.