Zacks Investment Research cut shares of 8X8 (NASDAQ:EGHT) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
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 brokerages have also recently issued reports on EGHT. Robert W. Baird reiterated a buy rating and issued a $17.00 price target on shares of 8X8 in a research note on Friday, November 17th. B. Riley reiterated a hold rating and issued a $14.00 price target on shares of 8X8 in a research note on Tuesday, October 24th. William Blair reiterated a hold rating on shares of 8X8 in a research note on Friday, November 17th. Finally, Summit Redstone cut shares of 8X8 from a buy rating to a hold rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. 8X8 currently has an average rating of Buy and a consensus target price of $17.50.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. The company had revenue of $72.48 million for the quarter, compared to analysts’ expectations of $71.65 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. 8X8’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 EPS. sell-side analysts forecast that 8X8 will post -0.12 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Hunt Lane Capital LP bought a new position in 8X8 during the 2nd quarter valued at about $36,375,000. Voya Investment Management LLC lifted its stake in 8X8 by 2,585.9% during the 2nd quarter. Voya Investment Management LLC now owns 1,055,746 shares of the technology company’s stock valued at $15,361,000 after acquiring an additional 1,016,439 shares during the period. Point72 Asset Management L.P. bought a new position in 8X8 during the 3rd quarter valued at about $13,203,000. Royal Bank of Canada lifted its stake in 8X8 by 1,598.1% during the 2nd quarter. Royal Bank of Canada now owns 585,946 shares of the technology company’s stock valued at $8,525,000 after acquiring an additional 551,440 shares during the period. Finally, Southpoint Capital Advisors LP bought a new position in 8X8 during the 2nd quarter valued at about $7,275,000. Institutional investors and hedge funds own 71.56% of the company’s stock.
TRADEMARK VIOLATION NOTICE: “8X8 (EGHT) Downgraded by Zacks Investment Research to Sell” was published by Ticker Report and is owned by of Ticker Report. If you are reading this report on another domain, it was copied illegally and republished in violation of U.S. and international copyright law. The correct version of this report can be accessed at https://www.tickerreport.com/banking-finance/3146236/8x8-eght-downgraded-by-zacks-investment-research-to-sell.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.