8X8 (NASDAQ:EGHT) Stock Rating Reaffirmed by Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a research note released on Thursday morning, Benzinga reports. They currently have a $4.00 price objective on the stock.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC lowered 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. Barclays lowered their target price on shares of 8X8 from $3.00 to $2.00 and set an equal weight rating on the stock in a report on Friday, August 9th. Morgan Stanley downgraded shares of 8X8 from an equal weight rating to an underweight rating and lowered their target price for the stock from $3.00 to $2.00 in a report on Friday, June 14th. StockNews.com downgraded shares of 8X8 from a buy rating to a hold rating in a report on Saturday, August 17th. Finally, Wells Fargo & Company lowered their target price on shares of 8X8 from $2.00 to $1.50 and set an underweight rating on the stock in a report on Friday, June 21st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $2.83.

8X8 Price Performance

NASDAQ:EGHT traded up $0.03 during trading hours on Thursday, hitting $1.81. 689,795 shares of the stock traded hands, compared to its average volume of 1,313,291. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92. The company has a market cap of $226.93 million, a price-to-earnings ratio of -3.29 and a beta of 1.56. The stock has a 50 day moving average price of $2.33 and a 200 day moving average price of $2.51.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $172.80 million for the quarter, compared to analysts' expectations of $178.90 million. During the same period in the prior year, the firm earned ($0.04) EPS. 8X8's revenue for the quarter was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that 8X8 will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company's stock valued at $65,000 after acquiring an additional 4,670 shares during the last quarter. Sei Investments Co. bought a new position in 8X8 during the second quarter valued at $44,000. XTX Topco Ltd bought a new position in 8X8 during the second quarter valued at $49,000. Versor Investments LP bought a new position in 8X8 during the fourth quarter valued at $118,000. Finally, Williams & Novak LLC bought a new position in 8X8 during the second quarter valued at $77,000. Institutional investors own 93.99% of the company's stock.

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.