8X8 (NASDAQ:EGHT) Given Buy Rating at B. Riley

B. Riley reiterated their buy rating on shares of 8X8 (NASDAQ:EGHT) in a report released on Thursday, Benzinga reports. The firm currently has a $4.00 price target on the stock, down from their previous price target of $7.00.

Several other equities research analysts also recently weighed in on EGHT. Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. 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 report on Friday, August 9th. Barclays decreased their price target on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.00.

8X8 Stock Performance

NASDAQ:EGHT traded up $0.06 during mid-day trading on Thursday, reaching $2.06. 65,000 shares of the stock were exchanged, compared to its average volume of 1,190,094. The stock has a market capitalization of $258.27 million, a P/E ratio of -3.64 and a beta of 1.56. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92. The company has a 50 day simple moving average of $1.90 and a 200-day simple moving average of $2.27. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data 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). The firm 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%. 8X8’s revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) earnings per share. Analysts anticipate that 8X8 will post -0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EGHT. Principal Financial Group Inc. lifted its stake in shares of 8X8 by 146.3% in the first quarter. Principal Financial Group Inc. now owns 165,517 shares of the company’s stock valued at $447,000 after purchasing an additional 98,308 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in 8X8 in the 1st quarter valued at approximately $229,000. BNP Paribas Financial Markets increased its position in shares of 8X8 by 77.4% in the first quarter. BNP Paribas Financial Markets now owns 166,619 shares of the company’s stock valued at $450,000 after buying an additional 72,707 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of 8X8 during the 1st quarter worth $732,000. Finally, First Eagle Investment Management LLC purchased a new stake in shares of 8X8 in the 1st quarter worth about $1,482,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

8×8, 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 8×8 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; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 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.