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

StockNews.com cut shares of 8X8 (NASDAQ:EGHT - Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday.

Other equities research analysts have also issued research reports about the stock. Rosenblatt Securities decreased their price objective on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a report on Monday, February 3rd. Morgan Stanley increased their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an "underweight" rating in a research note on Wednesday, December 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Saturday, February 1st. Mizuho cut 8X8 from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Barclays boosted their target price on 8X8 from $2.00 to $2.50 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and a consensus target price of $2.99.

8X8 Price Performance

NASDAQ:EGHT traded down $0.09 on Wednesday, reaching $2.75. The stock had a trading volume of 1,535,800 shares, compared to its average volume of 914,121. The company has a quick ratio of 1.18, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The company has a market capitalization of $362.15 million, a P/E ratio of -7.64, a price-to-earnings-growth ratio of 24.40 and a beta of 1.66. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.41. The stock has a fifty day moving average price of $2.79 and a 200-day moving average price of $2.44.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. Research analysts forecast that 8X8 will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in 8X8 in the fourth quarter valued at approximately $144,000. Charles Schwab Investment Management Inc. grew its holdings in shares of 8X8 by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock valued at $3,788,000 after buying an additional 80,042 shares during the period. Ieq Capital LLC bought a new position in 8X8 during the fourth quarter worth about $85,000. Rhumbline Advisers grew its stake in 8X8 by 5.2% in the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after acquiring an additional 8,100 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of 8X8 by 39.4% in the fourth quarter. SG Americas Securities LLC now owns 61,050 shares of the company's stock worth $163,000 after acquiring an additional 17,259 shares in the last quarter. Institutional investors own 93.99% of the company's stock.

8X8 Company Profile

8x8, 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.