8X8 (NASDAQ:EGHT) Raised to Buy at StockNews.com

8X8 (NASDAQ:EGHT - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Monday.

Several other research analysts have also recently issued reports on EGHT. Wedbush raised 8X8 to a "hold" rating in a research report on Thursday, October 17th. Rosenblatt Securities dropped their target price on 8X8 from $4.00 to $3.50 and set a "buy" rating on the stock in a research report on Monday, October 28th. B. Riley reissued a "buy" rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Needham & Company LLC dropped their target price on 8X8 from $3.50 to $3.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Finally, Barclays dropped their target price on 8X8 from $3.00 to $2.00 and set an "equal weight" rating on the stock in a research report on Friday, August 9th. Two 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.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $2.67.

8X8 Trading Up 5.5 %

Shares of 8X8 stock traded up $0.12 during midday trading on Monday, reaching $2.32. 1,818,827 shares of the company's stock traded hands, compared to its average volume of 1,183,087. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $297.73 million, a PE ratio of -4.64 and a beta of 1.54. The stock has a 50 day moving average of $1.96 and a 200-day moving average of $2.26. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.92.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. 8X8's revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.04) EPS. As a group, equities analysts expect that 8X8 will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company's stock worth $325,000 after purchasing an additional 4,255 shares during the period. Creative Planning boosted its holdings in 8X8 by 16.6% during the 3rd quarter. Creative Planning now owns 38,245 shares of the company's stock valued at $78,000 after acquiring an additional 5,453 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 during the 3rd quarter valued at $30,000. Dynamic Advisor Solutions LLC boosted its holdings in 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock valued at $77,000 after acquiring an additional 15,665 shares during the period. Finally, Sei Investments Co. purchased a new position in 8X8 during the 2nd quarter valued at $44,000. 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.

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