Mizuho Lowers 8X8 (NYSE:EGHT) Price Target to $10.00

8X8 (NYSE:EGHT – Get Rating) had its price objective lowered by stock analysts at Mizuho from $15.00 to $10.00 in a report issued on Wednesday, The Fly reports. Mizuho’s price target indicates a potential upside of 29.20% from the stock’s previous close.

A number of other research firms have also commented on EGHT. Needham & Company LLC dropped their price target on 8X8 from $32.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, February 3rd. B. Riley upgraded shares of 8X8 from a “neutral” rating to a “buy” rating and set a $13.50 target price on the stock in a report on Wednesday. Robert W. Baird cut shares of 8X8 from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $32.00 to $18.00 in a report on Wednesday, January 12th. Barclays dropped their price objective on shares of 8X8 from $17.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 26th. Finally, Morgan Stanley reduced their target price on shares of 8X8 from $18.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.86.

Shares of NYSE:EGHT opened at $7.74 on Wednesday. The firm’s 50 day simple moving average is $11.06 and its 200 day simple moving average is $15.39. 8X8 has a fifty-two week low of $7.51 and a fifty-two week high of $28.68. The company has a market capitalization of $915.88 million, a price-to-earnings ratio of -4.90 and a beta of 1.10. The company has a debt-to-equity ratio of 3.76, a current ratio of 3.03 and a quick ratio of 3.03.

8X8 (NYSE:EGHT – Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The technology company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.36. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. The company had revenue of $181.37 million for the quarter, compared to analysts’ expectations of $180.87 million. During the same period last year, the firm posted ($0.33) earnings per share. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. Equities research analysts expect that 8X8 will post -1.24 earnings per share for the current year.

In other 8X8 news, SVP Matthew Zinn sold 2,736 shares of the business’s stock in a transaction dated Friday, February 11th. The shares were sold at an average price of $15.00, for a total transaction of $41,040.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eric Salzman sold 19,429 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $12.85, for a total transaction of $249,662.65. The disclosure for this sale can be found here. Insiders have sold a total of 24,862 shares of company stock worth $320,772 over the last three months. Insiders own 2.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. increased its stake in shares of 8X8 by 95.8% during the 3rd quarter. Macquarie Group Ltd. now owns 5,189 shares of the technology company’s stock worth $121,000 after purchasing an additional 2,539 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of 8X8 during the 1st quarter worth about $140,000. GSA Capital Partners LLP acquired a new position in shares of 8X8 during the 4th quarter worth about $204,000. Virginia Retirement Systems ET AL acquired a new position in shares of 8X8 during the 4th quarter worth about $206,000. Finally, Mutual of America Capital Management LLC increased its stake in shares of 8X8 by 9.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 17,051 shares of the technology company’s stock worth $215,000 after purchasing an additional 1,482 shares during the last quarter. Institutional investors own 92.72% of the company’s stock.

8X8 Company Profile (Get Rating)

8×8, 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 offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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