8X8 (EGHT) – Investment Analysts’ Recent Ratings Changes

A number of research firms have changed their ratings and price targets for 8X8 (NASDAQ: EGHT):

• 8/22/2024 – 8X8 had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $4.00 price target on the stock.
• 8/17/2024 – 8X8 was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 8/9/2024 – 8X8 had its price target lowered by analysts at Barclays PLC from $3.00 to $2.00. They now have an “equal weight” rating on the stock.
• 8/9/2024 – 8X8 was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 8/9/2024 – 8X8 had its price target lowered by analysts at Needham & Company LLC from $3.50 to $3.00. They now have a “buy” rating on the stock.
• 8/7/2024 – 8X8 had its “buy” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $4.00 price target on the stock.

8X8 Price Performance

Shares of EGHT opened at $1.92 on Wednesday. The company has a market capitalization of $240.72 million, a P/E ratio of -3.49 and a beta of 1.56. The business’s 50-day moving average is $2.33 and its two-hundred day moving average is $2.50. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.92.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The company had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue was down 5.7% compared to the same quarter last year. Research analysts predict that 8×8, Inc. will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

A number of large investors have recently added to or reduced their stakes in EGHT. Price T Rowe Associates Inc. MD lifted its stake in 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after buying an additional 4,255 shares in the last quarter. Victory Capital Management Inc. lifted 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 valued at $65,000 after acquiring an additional 4,670 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of 8X8 by 0.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock valued at $2,454,000 after acquiring an additional 5,043 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of 8X8 by 26.4% in the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock worth $145,000 after acquiring an additional 8,014 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of 8X8 by 18.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock worth $191,000 after purchasing an additional 8,282 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.