8X8 (NYSE:EGHT) Upgraded at Zacks Investment Research

8X8 (NYSE:EGHT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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. “

A number of other research analysts also recently issued reports on the company. Bank of America downgraded 8X8 from a “neutral” rating to an “underperform” rating and set a $21.00 price target on the stock. in a report on Monday, September 30th. Summit Insights upgraded 8X8 from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. B. Riley upgraded 8X8 from a “sell” rating to a “neutral” rating and set a $18.50 price target on the stock in a report on Thursday, October 24th. They noted that the move was a valuation call. BidaskClub downgraded 8X8 from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Stephens reiterated a “buy” rating and issued a $27.00 price target on shares of 8X8 in a report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $25.11.

Shares of NYSE:EGHT traded down $0.27 on Wednesday, reaching $18.71. The company had a trading volume of 1,251,095 shares, compared to its average volume of 1,269,788. 8X8 has a 52-week low of $16.34 and a 52-week high of $26.67. The firm’s 50 day simple moving average is $19.81 and its 200-day simple moving average is $22.78. The firm has a market capitalization of $2.06 billion, a PE ratio of -27.12 and a beta of 0.68. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 1.25.

8X8 (NYSE:EGHT) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.01. 8X8 had a negative return on equity of 40.84% and a negative net margin of 32.60%. The business had revenue of $109.50 million for the quarter, compared to the consensus estimate of $106.51 million. During the same period last year, the business posted ($0.04) EPS. The business’s revenue was up 27.8% compared to the same quarter last year. As a group, equities research analysts predict that 8X8 will post -1.26 earnings per share for the current year.

In other news, EVP Dejan Deklich sold 7,593 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $22.60, for a total value of $171,601.80. Following the completion of the sale, the executive vice president now owns 9,428 shares of the company’s stock, valued at approximately $213,072.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of EGHT. Steward Partners Investment Advisory LLC acquired a new stake in shares of 8X8 in the 2nd quarter worth $72,000. Pearl River Capital LLC acquired a new stake in 8X8 during the 2nd quarter worth about $84,000. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in 8X8 during the 3rd quarter worth about $193,000. Envestnet Asset Management Inc. acquired a new stake in 8X8 during the 2nd quarter worth about $209,000. Finally, Stephens Inc. AR acquired a new stake in 8X8 during the 2nd quarter worth about $241,000. 90.11% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.

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