8X8 (NYSE:EGHT) Price Target Lowered to $10.00 at B. Riley

8X8 (NYSE:EGHTGet Rating) had its price objective reduced by B. Riley from $13.50 to $10.00 in a research note issued to investors on Friday morning, The Fly reports.

EGHT has been the topic of several other reports. Wells Fargo & Company dropped their price objective on shares of 8X8 from $8.00 to $5.00 and set an underweight rating on the stock in a research note on Thursday, July 28th. Barclays reissued a maintains rating on shares of 8X8 in a research note on Tuesday, July 26th. William Blair reissued an outperform rating on shares of 8X8 in a research note on Thursday, July 28th. Craig Hallum dropped their price objective on shares of 8X8 from $20.00 to $10.00 in a research note on Wednesday, May 11th. Finally, Needham & Company LLC decreased their target price on shares of 8X8 from $13.00 to $8.00 and set a buy rating on the stock in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, 8X8 has an average rating of Hold and a consensus target price of $11.71.

8X8 Stock Performance

Shares of 8X8 stock opened at $4.95 on Friday. The firm’s fifty day simple moving average is $5.81 and its 200-day simple moving average is $9.77. The stock has a market capitalization of $587.29 million, a price-to-earnings ratio of -3.13 and a beta of 1.10. 8X8 has a 12 month low of $4.35 and a 12 month high of $26.46. 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:EGHTGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.06. The company had revenue of $187.60 million for the quarter, compared to analysts’ expectations of $186.79 million. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. 8X8’s revenue was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.34) EPS. As a group, equities analysts forecast that 8X8 will post -1.24 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David Sipes sold 39,440 shares of the business’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $5.27, for a total value of $207,848.80. Following the sale, the chief executive officer now directly owns 531,528 shares in the company, valued at approximately $2,801,152.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO David Sipes sold 39,440 shares of the business’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $5.27, for a total value of $207,848.80. Following the sale, the chief executive officer now directly owns 531,528 shares in the company, valued at approximately $2,801,152.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Matthew Zinn sold 3,763 shares of the company’s stock in a transaction dated Sunday, May 15th. The shares were sold at an average price of $7.94, for a total transaction of $29,878.22. Following the completion of the transaction, the senior vice president now owns 85,323 shares in the company, valued at $677,464.62. The disclosure for this sale can be found here. Insiders have sold 171,551 shares of company stock worth $1,031,834 in the last three months. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Vanguard Group Inc. lifted its holdings in 8X8 by 14.8% in the 1st quarter. Vanguard Group Inc. now owns 14,379,535 shares of the technology company’s stock valued at $181,039,000 after purchasing an additional 1,851,380 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in 8X8 in the 4th quarter valued at about $22,015,000. Archon Capital Management LLC lifted its holdings in 8X8 by 48.6% in the 4th quarter. Archon Capital Management LLC now owns 2,449,063 shares of the technology company’s stock valued at $41,046,000 after purchasing an additional 800,689 shares in the last quarter. Cooper Creek Partners Management LLC purchased a new position in 8X8 in the 1st quarter valued at about $6,491,000. Finally, Needham Investment Management LLC increased its stake in shares of 8X8 by 300.0% during the 4th quarter. Needham Investment Management LLC now owns 600,000 shares of the technology company’s stock valued at $10,056,000 after acquiring an additional 450,000 shares during the last quarter. 92.72% of the stock is currently owned by hedge funds and other institutional investors.

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

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