8X8 (NYSE:EGHT) Stock Price Down 7%

Share on StockTwits

8×8, Inc. (NYSE:EGHT) traded down 7% during trading on Friday . The stock traded as low as $15.21 and last traded at $15.90, 3,253,092 shares changed hands during trading. An increase of 70% from the average session volume of 1,917,071 shares. The stock had previously closed at $17.10.

Several equities research analysts have recently commented on the company. BTIG Research upped their target price on 8X8 from $20.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Wells Fargo & Co reduced their target price on 8X8 from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, May 13th. Rosenblatt Securities increased their price objective on 8X8 from $15.00 to $17.50 and gave the stock a “neutral” rating in a research note on Monday, July 27th. B. Riley reduced their price objective on 8X8 from $13.00 to $12.00 and set a “sell” rating for the company in a research note on Wednesday, May 13th. Finally, Zacks Investment Research downgraded 8X8 from a “hold” rating to a “sell” rating in a research note on Wednesday, July 22nd. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $21.27.

The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.53. The firm has a 50-day simple moving average of $15.79 and a two-hundred day simple moving average of $16.88. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -8.93 and a beta of 0.98.

8X8 (NYSE:EGHT) last issued its earnings results on Thursday, July 30th. The technology company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.24. 8X8 had a negative return on equity of 60.61% and a negative net margin of 38.19%. The company had revenue of $121.81 million for the quarter, compared to analyst estimates of $120.74 million. On average, sell-side analysts forecast that 8×8, Inc. will post -1.05 earnings per share for the current year.

In other 8X8 news, CEO Vikram Verma sold 2,852 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $16.47, for a total value of $46,972.44. Following the transaction, the chief executive officer now directly owns 10,988 shares of the company’s stock, valued at approximately $180,972.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 8,042 shares of company stock worth $130,132. Insiders own 3.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sylebra Capital Ltd increased its holdings in shares of 8X8 by 75.9% during the 1st quarter. Sylebra Capital Ltd now owns 8,996,695 shares of the technology company’s stock valued at $124,694,000 after acquiring an additional 3,882,116 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of 8X8 by 2.6% during the 2nd quarter. First Trust Advisors LP now owns 4,624,736 shares of the technology company’s stock valued at $73,996,000 after acquiring an additional 118,179 shares during the last quarter. Waddell & Reed Financial Inc. increased its holdings in shares of 8X8 by 6.2% during the 1st quarter. Waddell & Reed Financial Inc. now owns 3,867,269 shares of the technology company’s stock valued at $53,600,000 after acquiring an additional 224,653 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of 8X8 by 551.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,911,680 shares of the technology company’s stock valued at $40,356,000 after acquiring an additional 2,464,453 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of 8X8 by 60.9% during the 1st quarter. Wellington Management Group LLP now owns 1,754,907 shares of the technology company’s stock valued at $24,323,000 after acquiring an additional 664,451 shares during the last quarter. 98.28% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile (NYSE:EGHT)

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.

Featured Article: What is the S&P/ASX 200 Index?

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.



Latest News

Cambridge Investment Research Advisors Inc. Purchases 13,393 Shares of Fifth Third Bancorp
Cambridge Investment Research Advisors Inc. Purchases 13,393 Shares of Fifth Third Bancorp
Pinterest  PT Raised to $31.00 at Credit Suisse Group
Pinterest PT Raised to $31.00 at Credit Suisse Group
Fifth Third Bancorp  Shares Sold by Strs Ohio
Fifth Third Bancorp Shares Sold by Strs Ohio
Cambridge Investment Research Advisors Inc. Purchases 14,372 Shares of XPO Logistics Inc
Cambridge Investment Research Advisors Inc. Purchases 14,372 Shares of XPO Logistics Inc
Sumitomo Mitsui Trust Holdings Inc. Lowers Stock Position in Main Street Capital Co.
Sumitomo Mitsui Trust Holdings Inc. Lowers Stock Position in Main Street Capital Co.
Microsoft Co.  is Palisade Asset Management LLC’s Largest Position
Microsoft Co. is Palisade Asset Management LLC’s Largest Position


© 2006-2020 Ticker Report