8X8 (NASDAQ:EGHT) Rating Increased to Hold at Wedbush

8X8 (NASDAQ:EGHT - Get Free Report) was upgraded by Wedbush to a "hold" rating in a research note issued on Thursday, Zacks.com reports.

EGHT has been the subject of a number of other reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $4.00 target price on shares of 8X8 in a research note on Thursday, August 22nd. StockNews.com raised shares of 8X8 from a "hold" rating to a "buy" rating in a research note on Wednesday. Barclays dropped their price target on shares of 8X8 from $3.00 to $2.00 and set an "equal weight" rating for the company in a research note on Friday, August 9th. Needham & Company LLC reduced their price target on shares of 8X8 from $3.50 to $3.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Finally, Wells Fargo & Company lowered their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Friday, June 21st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, 8X8 presently has an average rating of "Hold" and an average price target of $2.83.

8X8 Price Performance

Shares of 8X8 stock traded down $0.04 during trading hours on Thursday, reaching $1.94. 358,921 shares of the company's stock were exchanged, compared to its average volume of 1,210,956. The business has a fifty day moving average of $1.88 and a two-hundred day moving average of $2.29. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The company has a market capitalization of $242.60 million, a P/E ratio of -3.51 and a beta of 1.56. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92.

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

Institutional Investors Weigh In On 8X8

Several institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. purchased a new stake in 8X8 during the second quarter worth about $44,000. XTX Topco Ltd acquired a new stake in 8X8 during the 2nd quarter worth approximately $49,000. Williams & Novak LLC purchased a new position in 8X8 in the 2nd quarter valued at approximately $77,000. Dynamic Advisor Solutions LLC grew its stake in shares of 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock worth $77,000 after acquiring an additional 15,665 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of 8X8 in the second quarter worth $77,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

8X8 Company Profile

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.