8×8, Inc. (NASDAQ:EGHT) Given Average Rating of “Hold” by Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have received an average rating of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $2.87.

Several equities analysts recently weighed in on EGHT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Saturday. 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. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th.

8X8 Price Performance

NASDAQ:EGHT opened at $2.58 on Monday. The business’s 50-day simple moving average is $2.84 and its two-hundred day simple moving average is $2.42. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.76. The stock has a market cap of $337.10 million, a PE ratio of -4.69, a P/E/G ratio of 22.25 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. During the same period in the previous year, the firm earned $0.02 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. As a group, analysts forecast that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EGHT. Pallas Capital Advisors LLC bought a new stake in shares of 8X8 during the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC purchased a new stake in 8X8 in the third quarter worth $30,000. Virtu Financial LLC purchased a new stake in 8X8 in the third quarter worth $36,000. Sei Investments Co. bought a new stake in shares of 8X8 during the second quarter worth $44,000. Finally, XTX Topco Ltd purchased a new stake in shares of 8X8 during the second quarter valued at $49,000. 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.