8x8, Inc. (NASDAQ:EGHT) Receives Average Rating of "Hold" from Analysts

8x8, Inc. (NASDAQ:EGHT - Get Free Report) has been assigned an average recommendation of "Hold" from the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. Three investment 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 twelve-month target price among brokerages that have covered the stock in the last year is $2.87.

A number of research firms recently weighed in on EGHT. Barclays upped their price target on 8X8 from $2.00 to $2.50 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Wedbush raised 8X8 to a "hold" rating in a report on Thursday, October 17th. Mizuho cut 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 report on Friday, December 13th. StockNews.com raised 8X8 from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Finally, Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a report on Tuesday, November 5th.

8X8 Stock Performance

Shares of EGHT stock traded down $0.01 on Monday, hitting $2.58. The company had a trading volume of 490,403 shares, compared to its average volume of 598,758. The firm has a market cap of $337.11 million, a P/E ratio of -4.69, a price-to-earnings-growth ratio of 22.55 and a beta of 1.66. The company has a 50-day moving average price of $2.86 and a 200-day moving average price of $2.40. 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 has a twelve month low of $1.51 and a twelve month high of $3.76.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million during the quarter, compared to analysts' expectations of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.02 EPS. As a group, equities research analysts predict that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. B. Riley Financial Inc. acquired a new stake in shares of 8X8 in the third quarter valued at $1,997,000. Geode Capital Management LLC raised its stake 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 acquiring an additional 237,181 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of 8X8 by 8.2% in the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company's stock valued at $302,000 after acquiring an additional 11,287 shares in the last quarter. FMR LLC raised its stake in shares of 8X8 by 24.5% in the third 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 in the last quarter. Finally, Sanctuary Advisors LLC raised its stake in shares of 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company's stock valued at $192,000 after acquiring an additional 60,316 shares in the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

About 8X8

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.