8X8 (NASDAQ:EGHT) Lowered to “Underperform” Rating by Mizuho

8X8 (NASDAQ:EGHT) was downgraded by equities research analysts at Mizuho from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday,Finviz reports. They currently have a $2.50 price objective on the stock, down from their previous price objective of $2.75. Mizuho’s price target suggests a potential downside of 19.87% from the stock’s current price.

A number of other brokerages have also recently issued reports on EGHT. Barclays raised their price objective on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Rosenblatt Securities lowered their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2.79.

8X8 Trading Down 0.6 %

Shares of EGHT opened at $3.12 on Friday. The business’s 50-day moving average price is $2.58 and its 200-day moving average price is $2.36. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The stock has a market cap of $407.66 million, a PE ratio of -5.67, a P/E/G ratio of 26.98 and a beta of 1.63.

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

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently bought and sold shares of EGHT. B. Riley Financial Inc. bought a new stake in shares of 8X8 in the 3rd quarter worth $1,997,000. First Eagle Investment Management LLC increased its holdings in 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after buying an additional 576,418 shares in the last quarter. Invenomic Capital Management LP lifted its stake in 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after acquiring an additional 524,580 shares during the period. FMR LLC boosted its holdings in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after acquiring an additional 314,441 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares during the period. Institutional investors own 93.99% of the company’s stock.

About 8X8

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.