8X8 (NYSE:EGHT) Downgraded by Robert W. Baird

Robert W. Baird lowered shares of 8X8 (NYSE:EGHT) from an outperform rating to a neutral rating in a research report report published on Wednesday morning, Analyst Price Targets reports. They currently have $18.00 price target on the technology company’s stock, down from their prior price target of $32.00.

Several other research firms have also recently commented on EGHT. Needham & Company LLC restated a buy rating and issued a $32.00 target price on shares of 8X8 in a research note on Wednesday, November 3rd. Zacks Investment Research upgraded 8X8 from a hold rating to a buy rating and set a $18.00 price objective on the stock in a research note on Tuesday. Craig Hallum dropped their price objective on 8X8 from $30.00 to $25.00 and set a hold rating on the stock in a research note on Thursday, December 2nd. They noted that the move was a valuation call. Wells Fargo & Company dropped their price objective on 8X8 from $20.00 to $17.00 and set an underweight rating on the stock in a research note on Monday, December 13th. Finally, B. Riley dropped their price objective on 8X8 from $25.00 to $19.00 and set a neutral rating on the stock in a research note on Thursday, December 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $28.67.

NYSE:EGHT opened at $16.49 on Wednesday. 8X8 has a fifty-two week low of $15.95 and a fifty-two week high of $39.17. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 2.08. The business’s 50-day simple moving average is $18.94 and its 200-day simple moving average is $22.67.

8X8 (NYSE:EGHT) last released its quarterly earnings data 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. 8X8 had a negative return on equity of 87.26% and a negative net margin of 29.50%. The business had revenue of $151.56 million for the quarter, compared to analysts’ expectations of $149.48 million. During the same quarter in the previous year, the business posted ($0.28) EPS. As a group, sell-side analysts anticipate that 8X8 will post -1.26 EPS for the current year.

In other news, insider Dejan Deklich sold 2,188 shares of the company’s stock in a transaction on Monday, December 20th. The stock was sold at an average price of $16.95, for a total transaction of $37,086.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Sipes sold 78,997 shares of the company’s stock in a transaction on Monday, December 13th. The stock was sold at an average price of $17.30, for a total value of $1,366,648.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,634 shares of company stock valued at $1,907,141. Corporate insiders own 2.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in EGHT. Archer Investment Corp raised its position in 8X8 by 44.5% in the third quarter. Archer Investment Corp now owns 2,034 shares of the technology company’s stock valued at $48,000 after purchasing an additional 626 shares during the last quarter. Systematic Alpha Investments LLC bought a new position in 8X8 in the second quarter valued at about $111,000. Macquarie Group Ltd. raised its position in 8X8 by 95.8% in the third quarter. Macquarie Group Ltd. now owns 5,189 shares of the technology company’s stock valued at $121,000 after purchasing an additional 2,539 shares during the last quarter. Maverick Capital Ltd. bought a new position in 8X8 in the second quarter valued at about $209,000. Finally, Inspire Investing LLC bought a new position in 8X8 in the third quarter valued at about $221,000. Institutional investors and hedge funds own 96.05% of the company’s stock.

About 8X8

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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Analyst Recommendations for 8X8 (NYSE:EGHT)

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