8X8 (NASDAQ:EGHT) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on the stock 8X8 (NASDAQ:EGHT – Free Report) in a research report published on Thursday, reports Benzinga. Rosenblatt Securities presently has a $4.00 price target on the stock.

Several other equities analysts have also recently commented on the stock. Wells Fargo & Company cut their price target on shares of 8X8 from $2.00 to $1.50 and set an underweight rating on the stock in a research note on Friday, June 21st. Barclays cut their price target on 8X8 from $3.00 to $2.00 and set an equal weight rating for the company in a research report on Friday, August 9th. Needham & Company LLC cut their price target on 8X8 from $3.50 to $3.00 and set a buy rating on the stock in a research report on Friday, August 9th. Morgan Stanley downgraded 8X8 from an equal weight rating to an underweight rating and dropped their price objective for the stock from $3.00 to $2.00 in a research note on Friday, June 14th. Finally, StockNews.com lowered 8X8 from a buy rating to a hold rating in a research note on Saturday, August 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $2.83.

See the latest stock analysis on EGHT

8X8 price performance

Shares of NASDAQ:EGHT opened at $1.81 on Thursday. The company has a current ratio of 1.44, a quick ratio of 1.44, and a debt-to-equity ratio of 4.02. The company’s 50-day moving average is $2.33, and its two-hundred-day moving average is $2.51. The firm has a market cap of $226.93 million, a P/E ratio of -3.29 and a beta of 1.56. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92.

8X8 (NASDAQ:EGHT – Get Your Free Report ) last announced its quarterly earnings results 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). 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The business had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. In the same quarter last year, the firm posted EPS of ($0.04). The company’s revenue was down 5.7% compared to the same quarter last year. Analysts anticipate that 8X8 will post -0.07 earnings per share for the current year.

Institutional trading of 8X8

Large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew 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 buying an additional 4,670 shares during the period. Sei Investments Co. purchased a new stake in shares of 8X8 during the second quarter valued at approximately $44,000. XTX Topco Ltd purchased a new position in 8X8 in the second quarter valued at approximately $49,000. Versor Investments LP acquired a new position in 8X8 in the 4th quarter valued at approximately $118,000. Finally, Williams & Novak LLC purchased a new stake in 8X8 in the second quarter valued at about $77,000. 93.99% of shares are owned by institutional investors and hedge funds.

8X8 Company Profile

(Get a free report)

8×8, Inc provides enterprise-class voice, video, chat, contact center, and application programmable interface (API) software-as-a-service solutions to small, medium-sized businesses, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end unified communications solution that provides voice services, secure video meetings, and unified messaging, including direct messaging, public and private team messaging rooms, and peer-to-peer short circuiting. and multimedia messaging; 8×8 Contact Center, a cloud-based contact center solution as a service; and 8×8 Engage, an AI-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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