8X8 (NASDAQ:EGHT) Rating Reiterated by Needham & Company LLC

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $3.50 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 25.90% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Rosenblatt Securities reiterated a "buy" rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Morgan Stanley lowered their price target on shares of 8X8 from $3.80 to $3.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 17th. Finally, StockNews.com lowered shares of 8X8 from a "buy" rating to a "hold" rating in a report on Friday, May 10th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $3.54.

8X8 Price Performance

NASDAQ EGHT traded up $0.02 during mid-day trading on Monday, hitting $2.78. The stock had a trading volume of 907,698 shares, compared to its average volume of 1,387,908. 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 4.02, a current ratio of 1.44 and a quick ratio of 1.31. The firm's 50 day moving average is $2.53 and its 200 day moving average is $2.96. The stock has a market capitalization of $343.11 million, a price-to-earnings ratio of -4.93 and a beta of 1.46.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $179.41 million for the quarter, compared to the consensus estimate of $178.85 million. During the same period last year, the firm posted ($0.03) earnings per share. The company's revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts forecast that 8X8 will post -0.07 earnings per share for the current fiscal year.

Insider Activity at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares of the company's stock, valued at $2,719,286.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 32,289 shares of company stock worth $81,979. Company insiders own 1.08% of the company's stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently modified their holdings of the company. Dark Forest Capital Management LP purchased a new position in 8X8 during the 3rd quarter valued at about $43,000. Aigen Investment Management LP acquired a new position in shares of 8X8 in the third quarter valued at approximately $63,000. DekaBank Deutsche Girozentrale acquired a new position in shares of 8X8 in the third quarter valued at approximately $65,000. Victory Capital Management Inc. increased its stake in 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company's stock worth $65,000 after buying an additional 4,670 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in 8X8 by 494.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company's stock worth $88,000 after buying an additional 19,310 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.