8X8 (NASDAQ:EGHT) Upgraded to Strong-Buy at StockNews.com

StockNews.com upgraded shares of 8X8 (NASDAQ:EGHT - Free Report) from a buy rating to a strong-buy rating in a research report report published on Tuesday.

Several other research analysts have also recently issued reports on EGHT. Wells Fargo & Company raised their price objective on 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a research note on Tuesday, November 5th. Wedbush upgraded shares of 8X8 to a "hold" rating in a research note on Thursday, October 17th. B. Riley reiterated a "buy" rating and issued a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, January 18th. Finally, Barclays increased their price target 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 investment analysts have rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, 8X8 has an average rating of "Hold" and an average target price of $2.87.

8X8 Stock Down 4.8 %

Shares of EGHT traded down $0.14 during mid-day trading on Tuesday, hitting $2.80. 622,667 shares of the company traded hands, compared to its average volume of 757,029. The business has a 50 day moving average of $2.83 and a 200 day moving average of $2.45. The company has a market capitalization of $365.85 million, a PE ratio of -5.09, a price-to-earnings-growth ratio of 25.52 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 has a 1-year low of $1.51 and a 1-year high of $3.56.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 9.68% and a negative return on equity of 6.00%. The business's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.02 earnings per share. Equities research analysts anticipate that 8X8 will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EGHT. B. Riley Financial Inc. purchased a new stake in 8X8 during the 3rd quarter worth approximately $1,997,000. Invenomic Capital Management LP grew its position in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company's stock valued at $11,278,000 after purchasing an additional 524,580 shares in the last quarter. FMR LLC increased its stake in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company's stock worth $3,264,000 after acquiring an additional 314,441 shares during the last quarter. Geode Capital Management LLC raised its stake in 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock worth $6,085,000 after purchasing an additional 237,181 shares during the period. Finally, Susquehanna Fundamental Investments LLC raised its position in shares of 8X8 by 62.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company's stock valued at $975,000 after buying an additional 168,057 shares during the period. Hedge funds and other institutional investors own 93.99% of the company's stock.

About 8X8

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.