8X8 (NASDAQ:EGHT) Given "Buy" Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its “Buy” rating on 8X8 and set a $3.00 price target, implying 68.54% upside from the prior close.
• Analyst sentiment remains mixed: the consensus rating is “Hold,” with a $3.12 average price target, despite B. Riley also maintaining a “Buy” rating with a $3.25 target.
• 8X8 recently beat quarterly expectations, reporting $0.09 in EPS versus $0.04 expected and revenue of $190.17 million versus $182.47 million estimated; however, two insiders sold shares, while institutions and hedge funds own 93.99% of the stock.

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "buy" rating restated by research analysts at Rosenblatt Securities in a research report issued on Thursday, Benzinga reports. They currently have a $3.00 price target on the stock. Rosenblatt Securities' price objective would indicate a potential upside of 68.54% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the company. B. Riley Financial restated a "buy" rating and set a $3.25 price objective (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Weiss Ratings restated a "sell (d)" rating on shares of 8X8 in a research note on Tuesday, September 1st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $3.12.

8X8 Price Performance

Shares of EGHT opened at $1.78 on Thursday. The stock has a 50 day moving average of $1.98 and a 200-day moving average of $2.00. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.83. The firm has a market cap of $257.10 million, a price-to-earnings ratio of 44.51, a PEG ratio of 1.26 and a beta of 1.84. 8X8 has a 52 week low of $1.57 and a 52 week high of $2.88.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.05. The business had revenue of $190.17 million during the quarter, compared to analyst estimates of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. As a group, analysts forecast that 8X8 will post 0.2 EPS for the current year.

Insiders Place Their Bets

In other 8X8 news, Director Elizabeth Theophille sold 20,207 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the transaction, the director directly owned 167,086 shares of the company's stock, valued at approximately $302,425.66. This trade represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin Kraus sold 34,329 shares of 8X8 stock in a transaction on Friday, August 7th. The shares were sold at an average price of $2.32, for a total transaction of $79,643.28. Following the sale, the chief financial officer directly owned 958,324 shares of the company's stock, valued at $2,223,311.68. This trade represents a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 8X8

Hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC raised its stake in shares of 8X8 by 227.8% in the second quarter. Squarepoint Ops LLC now owns 846,965 shares of the company's stock worth $1,448,000 after purchasing an additional 588,564 shares during the last quarter. Amundi bought a new stake in 8X8 in the second quarter valued at approximately $43,000. Headlands Technologies LLC boosted its holdings in 8X8 by 21.2% in the second quarter. Headlands Technologies LLC now owns 87,727 shares of the company's stock valued at $150,000 after acquiring an additional 15,350 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its holdings in shares of 8X8 by 43.3% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 158,845 shares of the company's stock valued at $272,000 after buying an additional 47,971 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new stake in 8X8 during the 2nd quarter valued at about $89,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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