Evercore ISI Trims 8X8 (NYSE:EGHT) Target Price to $18.00

8X8 (NYSE:EGHTGet Rating) had its target price lowered by Evercore ISI from $30.00 to $18.00 in a report published on Wednesday, The Fly reports.

EGHT has been the subject of several other research reports. Needham & Company LLC decreased their price objective on shares of 8X8 from $32.00 to $22.00 and set a buy rating for the company in a research note on Thursday, February 3rd. BTIG Research decreased their price objective on shares of 8X8 from $36.00 to $16.00 in a research note on Wednesday. Robert W. Baird downgraded shares of 8X8 from an outperform rating to a neutral rating and decreased their price objective for the stock from $32.00 to $18.00 in a research note on Wednesday, January 12th. Morgan Stanley decreased their price objective 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. Finally, Mizuho reduced their target price on shares of 8X8 from $15.00 to $10.00 in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, 8X8 currently has a consensus rating of Hold and a consensus price target of $16.27.

Shares of NYSE:EGHT opened at $8.28 on Wednesday. The company has a current ratio of 3.03, a quick ratio of 3.03 and a debt-to-equity ratio of 3.76. 8X8 has a 12 month low of $7.49 and a 12 month high of $28.68. The company has a 50-day moving average price of $10.89 and a 200 day moving average price of $15.23. The company has a market cap of $979.78 million, a price-to-earnings ratio of -5.24 and a beta of 1.10.

8X8 (NYSE:EGHTGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.36. The business had revenue of $181.37 million during the quarter, compared to the consensus estimate of $180.87 million. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.33) earnings per share. As a group, equities analysts forecast that 8X8 will post -1.24 EPS for the current year.

In related news, Director Eric Salzman sold 19,429 shares of 8X8 stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $12.85, for a total transaction of $249,662.65. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 22,126 shares of company stock worth $279,732. 2.20% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. Mackay Shields LLC purchased a new position in 8X8 in the first quarter worth $46,000. Macquarie Group Ltd. grew its holdings in 8X8 by 95.8% in the third 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. XTX Topco Ltd purchased a new position in 8X8 in the first quarter worth $138,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in shares of 8X8 during the first quarter worth $140,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of 8X8 during the fourth quarter worth $204,000. 92.72% of the stock is currently owned by 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. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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