8X8 (NASDAQ:EGHT) Stock Rating Reaffirmed by B. Riley

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at B. Riley in a report issued on Thursday, Benzinga reports. They currently have a $4.00 price objective on the stock, down from their previous price objective of $7.00. B. Riley's target price points to a potential upside of 100.00% from the company's current price.

A number of other research analysts have also recently commented on the stock. Needham & Company LLC dropped their target price on shares of 8X8 from $3.50 to $3.00 and set a "buy" rating for the company in a report on Friday, August 9th. StockNews.com upgraded shares of 8X8 from a "hold" rating to a "buy" rating in a report on Wednesday, October 16th. Barclays dropped their price objective on shares of 8X8 from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Friday, August 9th. Rosenblatt Securities reiterated a "buy" rating and issued a $4.00 price objective on shares of 8X8 in a report on Thursday, August 22nd. Finally, Wedbush upgraded shares of 8X8 to a "hold" rating in a report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $3.00.

8X8 Price Performance

8X8 stock traded up $0.02 during trading hours on Thursday, reaching $2.00. 269,490 shares of the stock were exchanged, compared to its average volume of 1,195,556. The company has a market cap of $250.75 million, a P/E ratio of -3.64 and a beta of 1.56. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The stock has a 50 day moving average of $1.90 and a two-hundred day moving average of $2.27.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company's quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.04) earnings per share. Equities analysts expect that 8X8 will post -0.08 EPS for the current fiscal year.

Institutional Trading of 8X8

Large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 during the 3rd quarter worth approximately $30,000. Sei Investments Co. acquired a new stake in 8X8 in the 2nd quarter valued at $44,000. XTX Topco Ltd acquired a new stake in 8X8 in the 2nd quarter valued at $49,000. Williams & Novak LLC acquired a new stake in 8X8 in the 2nd quarter valued at $77,000. Finally, Dynamic Advisor Solutions LLC grew its position in 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock valued at $77,000 after purchasing an additional 15,665 shares during the period. Institutional investors and hedge funds 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.