8x8, Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of "Hold" from Brokerages

Shares of 8x8, Inc. (NASDAQ:EGHT - Get Free Report) have been assigned an average rating of "Hold" from the eight brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $2.82.

Several research analysts have recently issued reports on EGHT shares. Wells Fargo & Company raised their target price on shares of 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a report on Tuesday, November 5th. Barclays raised their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. StockNews.com upgraded shares of 8X8 from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Wedbush upgraded shares of 8X8 to a "hold" rating in a report on Thursday, October 17th. Finally, Needham & Company LLC cut their target price on shares of 8X8 from $3.50 to $3.00 and set a "buy" rating on the stock in a report on Friday, August 9th.

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 in the 3rd quarter worth about $30,000. Virtu Financial LLC purchased a new position in shares of 8X8 during the 3rd quarter valued at about $36,000. Sei Investments Co. purchased a new position in shares of 8X8 during the 2nd quarter valued at about $44,000. XTX Topco Ltd purchased a new position in shares of 8X8 during the 2nd quarter valued at about $49,000. Finally, Intech Investment Management LLC purchased a new position in shares of 8X8 during the 3rd quarter valued at about $49,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Price Performance

NASDAQ EGHT traded up $0.09 on Friday, reaching $3.04. 1,562,690 shares of the company's stock traded hands, compared to its average volume of 1,224,121. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.92. 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 stock has a 50-day simple moving average of $2.25 and a 200 day simple moving average of $2.31. The stock has a market cap of $397.21 million, a PE ratio of -5.53, a P/E/G ratio of 25.34 and a beta of 1.54.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.09 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 business had revenue of $181.00 million for the quarter, compared to analysts' expectations of $178.38 million. During the same period last year, the business earned $0.02 earnings per share. The business's quarterly revenue was down 2.2% on a year-over-year basis. As a group, research analysts predict that 8X8 will post 0.01 earnings per share for the current year.

8X8 Company Profile

8x8, 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 8x8 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; 8x8 Contact Center, a cloud-based contact center as-a-service solution; and 8x8 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.