8X8 (NASDAQ:EGHT) Raised to Buy at StockNews.com

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

EGHT has been the topic of several other research reports. B. Riley restated a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Needham & Company LLC dropped their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Barclays lowered their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Rosenblatt Securities lowered their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Finally, Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Two equities research 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 company has a consensus rating of “Hold” and an average target price of $2.67.

8X8 Stock Up 5.5 %

NASDAQ:EGHT traded up $0.12 during mid-day trading on Monday, hitting $2.32. 1,818,827 shares of the company’s stock traded hands, compared to its average volume of 1,183,087. The company has a fifty day moving average of $1.96 and a 200 day moving average of $2.26. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The company has a market capitalization of $297.73 million, a P/E ratio of -4.64 and a beta of 1.54. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $178.90 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, analysts forecast that 8X8 will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 during the 3rd quarter worth $30,000. Creative Planning raised its position in shares of 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of 8X8 in the 2nd quarter worth $77,000. Susquehanna Fundamental Investments LLC raised its position in shares of 8X8 by 62.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after buying an additional 168,057 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of 8X8 by 73.5% in the 2nd quarter. Mackenzie Financial Corp now owns 118,775 shares of the company’s stock worth $264,000 after buying an additional 50,328 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

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.