Evercore ISI Trims 8X8 (NYSE:EGHT) Target Price to $18.00

8X8 (NYSE:EGHTGet Rating) had its price target lowered by Evercore ISI from $30.00 to $18.00 in a report issued on Wednesday, The Fly reports.

A number of other analysts also recently issued reports on the company. B. Riley raised 8X8 from a neutral rating to a buy rating and set a $13.50 target price for the company in a research report on Wednesday. Craig Hallum reduced their price target on 8X8 from $25.00 to $20.00 in a research report on Thursday, February 3rd. Wells Fargo & Company reduced their price target on 8X8 from $15.00 to $11.00 and set an underweight rating for the company in a research report on Tuesday, March 15th. Bank of America assumed coverage on 8X8 in a research report on Friday, January 28th. They issued a buy rating and a $18.00 price target for the company. Finally, Morgan Stanley reduced their price target on 8X8 from $18.00 to $16.00 and set an equal weight rating for the company in a research report on Tuesday, February 22nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $16.27.

Shares of EGHT opened at $8.28 on Wednesday. The company has a current ratio of 3.03, a quick ratio of 3.03 and a debt-to-equity ratio of 3.76. The company has a market capitalization of $979.78 million, a price-to-earnings ratio of -5.24 and a beta of 1.10. The stock has a 50 day moving average of $10.89 and a 200 day moving average of $15.23. 8X8 has a 12 month low of $7.49 and a 12 month high of $28.68.

8X8 (NYSE:EGHTGet Rating) last released its earnings results on Tuesday, May 10th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.36. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. The business had revenue of $181.37 million during the quarter, compared to the consensus estimate of $180.87 million. During the same period last year, the business posted ($0.33) earnings per share. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. As a group, equities research analysts predict that 8X8 will post -1.24 earnings per share for the current year.

In other 8X8 news, Director Eric Salzman sold 19,429 shares of 8X8 stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $12.85, for a total transaction of $249,662.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 22,126 shares of company stock valued at $279,732 in the last three months. 2.20% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of 8X8 by 0.7% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 84,945 shares of the technology company’s stock valued at $1,987,000 after acquiring an additional 612 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of 8X8 by 1.5% in the 3rd quarter. Voya Investment Management LLC now owns 43,208 shares of the technology company’s stock valued at $1,011,000 after acquiring an additional 634 shares during the last quarter. Arizona State Retirement System increased its holdings in 8X8 by 2.4% during the 3rd quarter. Arizona State Retirement System now owns 28,437 shares of the technology company’s stock valued at $665,000 after purchasing an additional 680 shares during the period. Synovus Financial Corp increased its holdings in 8X8 by 2.9% during the 4th quarter. Synovus Financial Corp now owns 25,344 shares of the technology company’s stock valued at $422,000 after purchasing an additional 720 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in 8X8 by 0.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 90,557 shares of the technology company’s stock valued at $2,118,000 after purchasing an additional 721 shares during the period. 92.72% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile (Get Rating)

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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