Rosenblatt Securities Has Lowered Expectations for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price target lowered by Rosenblatt Securities from $3.50 to $3.30 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

EGHT has been the topic of a number of other research reports. Wells Fargo & Company increased their target price on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Morgan Stanley raised their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. StockNews.com upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Finally, B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2.84.

8X8 Stock Down 2.9 %

Shares of NASDAQ:EGHT opened at $2.72 on Monday. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.41. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market cap of $355.40 million, a PE ratio of -4.95, a price-to-earnings-growth ratio of 24.05 and a beta of 1.66. The company has a fifty day simple moving average of $2.83 and a 200 day simple moving average of $2.44.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating 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 net margin of 9.68% and a negative return on equity of 6.00%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 EPS. On average, equities research analysts anticipate that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ieq Capital LLC acquired a new position in shares of 8X8 during the fourth quarter worth approximately $85,000. Rhumbline Advisers raised its stake in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after acquiring an additional 8,100 shares in the last quarter. SG Americas Securities LLC boosted its position in 8X8 by 39.4% during the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock worth $163,000 after acquiring an additional 17,259 shares during the period. Pallas Capital Advisors LLC bought a new position in shares of 8X8 in the fourth quarter worth $29,000. Finally, Sanctuary Advisors LLC increased its holdings in shares of 8X8 by 178.7% during the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after purchasing an additional 60,316 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.