8X8 (NYSE:EGHT) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of 8X8 (NYSE:EGHT) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. Zacks Investment Research currently has $18.00 price target on the technology company’s stock.

According to Zacks, “8×8, Inc. is the provider of the world’s first Communications Cloud that combines unified communications, team collaboration interoperability, contact center and real-time analytics in a single open platform that integrates across clouds, applications and devices, eliminating information silos to expose vital, real-time intelligence. 8×8, Inc. reduces complexity, cost, improve individual, team productivity, performance, and enhance the overall customer experience. 8×8 ensures high reliability and business continuity by delivering its cloud-based communications through the use of secure, fully redundant data centers. 8×8 communications are designed with built-in redundancy and no single point of failure. This highly secure, top-tier data centers are located in geographically dispersed sites across the globe. These data centers are SSAE 16 audited and provide automatic and transparent failover to prevent disruptions in service. “

EGHT has been the subject of several other reports. Craig Hallum decreased their price objective on 8X8 from $30.00 to $25.00 and set a hold rating for the company in a report on Thursday, December 2nd. They noted that the move was a valuation call. B. Riley decreased their price objective on 8X8 from $25.00 to $19.00 and set a neutral rating for the company in a report on Thursday, December 2nd. Barclays assumed coverage on 8X8 in a report on Wednesday, October 20th. They issued an equal weight rating and a $25.00 price objective for the company. Wells Fargo & Company cut their price target on 8X8 from $20.00 to $17.00 and set an underweight rating for the company in a research note on Monday, December 13th. Finally, Needham & Company LLC restated a buy rating and set a $32.00 price target on shares of 8X8 in a research note on Wednesday, November 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $28.67.

8X8 stock opened at $16.49 on Tuesday. 8X8 has a 1-year low of $15.95 and a 1-year high of $39.17. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.26 and a quick ratio of 2.26. The stock has a market cap of $1.88 billion, a PE ratio of -10.44 and a beta of 1.03. The stock’s fifty day moving average is $18.94 and its two-hundred day moving average is $22.67.

8X8 (NYSE:EGHT) last posted its earnings results on Tuesday, November 2nd. The technology company reported $0.01 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.01. The business had revenue of $151.56 million during the quarter, compared to the consensus estimate of $149.48 million. 8X8 had a negative return on equity of 87.26% and a negative net margin of 29.50%. During the same period in the previous year, the business earned ($0.28) EPS. On average, research analysts expect that 8X8 will post -1.26 earnings per share for the current fiscal year.

In other 8X8 news, Treasurer Germaine Cota sold 3,081 shares of the company’s stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $22.62, for a total value of $69,692.22. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Matthew Zinn sold 1,125 shares of the company’s stock in a transaction on Monday, October 18th. The shares were sold at an average price of $23.56, for a total value of $26,505.00. The disclosure for this sale can be found here. Insiders sold 103,634 shares of company stock valued at $1,907,141 in the last quarter. 2.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Sylebra Capital Ltd grew its holdings in 8X8 by 9.7% in the third quarter. Sylebra Capital Ltd now owns 13,608,692 shares of the technology company’s stock valued at $318,307,000 after purchasing an additional 1,205,979 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of 8X8 by 2.7% during the second quarter. Vanguard Group Inc. now owns 11,417,081 shares of the technology company’s stock valued at $316,938,000 after acquiring an additional 303,279 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in shares of 8X8 by 3.0% during the third quarter. ArrowMark Colorado Holdings LLC now owns 4,386,804 shares of the technology company’s stock valued at $102,607,000 after acquiring an additional 126,790 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of 8X8 by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,528,686 shares of the technology company’s stock valued at $59,146,000 after acquiring an additional 214,168 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of 8X8 by 24.9% during the second quarter. Deutsche Bank AG now owns 2,166,586 shares of the technology company’s stock valued at $60,145,000 after acquiring an additional 432,622 shares during the last quarter. 96.05% of the stock is currently owned by institutional investors.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in San Jose, CA.

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