8×8, Inc. (NASDAQ:EGHT) Short Interest Update

8×8, Inc. (NASDAQ:EGHT) was the recipient of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 7,680,000 shares, a decrease of 5.9% from the December 15th total of 8,160,000 shares. Based on an average trading volume of 828,400 shares, the days-to-cover ratio is presently 9.3 days.

Analyst Ratings Changes

A number of research analysts recently commented on EGHT shares. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Rosenblatt Securities decreased their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Morgan Stanley boosted their target price on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.87.

8X8 Trading Down 2.3 %

Shares of 8X8 stock opened at $2.58 on Friday. 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 1-year low of $1.51 and a 1-year high of $3.76. The business’s fifty day moving average price is $2.84 and its two-hundred day moving average price is $2.41.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same quarter last year, the business earned $0.02 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Invenomic Capital Management LP boosted its holdings in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after buying an additional 524,580 shares during the period. Geode Capital Management LLC grew its position in 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares in the last quarter. FMR LLC raised its stake in 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 purchasing an additional 314,441 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of 8X8 by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock valued at $3,294,000 after purchasing an additional 145,606 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of 8X8 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock worth $2,731,000 after buying an additional 23,731 shares during the period. Institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

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.