8X8 (NASDAQ:EGHT) Cut to Underperform at Mizuho

Mizuho downgraded shares of 8X8 (NASDAQ:EGHT) from a neutral rating to an underperform rating in a research report released on Friday morning, Marketbeat Ratings reports. They currently have $2.50 price objective on the stock, down from their prior price objective of $2.75.

Several other analysts also recently weighed in on EGHT. Barclays upped their price target on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. B. Riley reissued a “buy” rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wells Fargo & Company lifted their price target on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Rosenblatt Securities cut their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.79.

8X8 Stock Down 15.7 %

Shares of NASDAQ:EGHT opened at $2.63 on Friday. The firm has a market capitalization of $343.64 million, a P/E ratio of -4.77, a P/E/G ratio of 26.98 and a beta of 1.63. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a 50 day moving average price of $2.59 and a 200-day moving average price of $2.35. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.92.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same quarter in the prior year, the company earned $0.02 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts anticipate that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC raised its stake in 8X8 by 178.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after buying an additional 60,316 shares during the last quarter. Virtu Financial LLC purchased a new stake in 8X8 during the third quarter valued at $36,000. Barclays PLC increased its position in 8X8 by 198.8% during the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after acquiring an additional 143,791 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after acquiring an additional 237,181 shares during the period. Finally, XTX Topco Ltd boosted its position in 8X8 by 487.9% in the third quarter. XTX Topco Ltd now owns 130,490 shares of the company’s stock worth $266,000 after purchasing an additional 108,293 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

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.