8X8 (EGHT) Downgraded by Zacks Investment Research to Sell

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.

Shares of 8X8 (EGHT) traded up $0.40 during mid-day trading on Tuesday, hitting $16.60. 1,329,470 shares of the stock were exchanged, compared to its average volume of 689,757. The company has a market cap of $1,530.00, a PE ratio of -207.50 and a beta of 0.37. 8X8 has a 1 year low of $10.30 and a 1 year high of $16.80.

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.

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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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Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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