8X8 (NASDAQ:EGHT) Downgraded to Hold at StockNews.com

8X8 (NASDAQ:EGHT - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Friday.

Several other brokerages have also issued reports on EGHT. Needham & Company LLC dropped their price objective on 8X8 from $5.00 to $3.50 and set a "buy" rating on the stock in a report on Thursday. Rosenblatt Securities restated a "buy" rating and set a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Finally, Morgan Stanley reduced their price objective on 8X8 from $3.80 to $3.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $3.46.

8X8 Stock Down 7.8 %

Shares of NASDAQ EGHT traded down $0.22 during midday trading on Friday, hitting $2.59. 1,693,028 shares of the company's stock were exchanged, compared to its average volume of 1,027,858. The firm's fifty day simple moving average is $2.54 and its 200-day simple moving average is $2.93. The company has a market cap of $319.66 million, a PE ratio of -5.89 and a beta of 1.46. 8X8 has a twelve month low of $2.12 and a twelve month high of $4.88. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $179.41 million for the quarter, compared to analyst estimates of $178.85 million. 8X8 had a negative net margin of 7.28% and a negative return on equity of 5.89%. The firm's revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) earnings per share. Research analysts predict that 8X8 will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the transaction, the chief executive officer now directly owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 32,289 shares of company stock valued at $81,979 in the last ninety days. Insiders own 1.08% of the company's stock.

Hedge Funds Weigh In On 8X8

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. boosted its position in shares of 8X8 by 36.9% in the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company's stock worth $65,000 after acquiring an additional 4,670 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of 8X8 by 0.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company's stock valued at $2,454,000 after purchasing an additional 5,043 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of 8X8 by 26.4% during the 4th quarter. New York State Common Retirement Fund now owns 38,365 shares of the company's stock valued at $145,000 after buying an additional 8,014 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of 8X8 by 18.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company's stock worth $191,000 after buying an additional 8,282 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of 8X8 by 47.5% in the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company's stock worth $107,000 after buying an additional 9,074 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8x8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8x8 Contact Center, a multi-channel cloud-based contact center solution; and 8x8 CPaaS, a set of global communications Platform-as-a-Service.

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