8X8 (NYSE:EGHT) Upgraded to “Buy” at Craig Hallum

Craig Hallum upgraded shares of 8X8 (NYSE:EGHTGet Rating) from a hold rating to a buy rating in a report issued on Friday morning, Marketbeat Ratings reports.

A number of other research analysts also recently issued reports on EGHT. Oppenheimer downgraded 8X8 from an outperform rating to a market perform rating in a research note on Friday. Evercore ISI reiterated a neutral rating and set a $6.00 price target on shares of 8X8 in a research note on Friday, June 24th. Barclays cut their price target on 8X8 from $10.00 to $6.00 and set an equal weight rating for the company in a research note on Monday, July 25th. Wells Fargo & Company cut their price target on 8X8 from $8.00 to $5.00 and set an underweight rating for the company in a research note on Thursday, July 28th. Finally, Morgan Stanley lowered their price target on 8X8 from $11.00 to $6.50 and set an equal weight rating on the stock in a report on Thursday, July 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $11.54.

8X8 Price Performance

Shares of NYSE:EGHT opened at $4.49 on Friday. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 3.76. 8X8 has a twelve month low of $4.22 and a twelve month high of $25.99. The stock’s 50 day moving average is $5.64 and its 200-day moving average is $9.55. The firm has a market capitalization of $538.64 million, a price-to-earnings ratio of -2.84 and a beta of 1.10.

8X8 (NYSE:EGHTGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. The business had revenue of $187.60 million during the quarter, compared to analyst estimates of $186.79 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. 8X8’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.34) EPS. Sell-side analysts forecast that 8X8 will post -1.24 EPS for the current fiscal year.

Insider Transactions at 8X8

In related news, insider Hunter Middleton sold 3,559 shares of 8X8 stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $7.94, for a total transaction of $28,258.46. Following the sale, the insider now directly owns 58,640 shares in the company, valued at $465,601.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 8X8 news, insider Hunter Middleton sold 3,559 shares of 8X8 stock in a transaction on Monday, May 16th. The stock was sold at an average price of $7.94, for a total transaction of $28,258.46. Following the completion of the transaction, the insider now owns 58,640 shares in the company, valued at $465,601.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Sipes sold 39,440 shares of 8X8 stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $5.27, for a total value of $207,848.80. Following the transaction, the chief executive officer now owns 531,528 shares of the company’s stock, valued at approximately $2,801,152.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 171,551 shares of company stock worth $1,031,834. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AlphaCrest Capital Management LLC raised its stake in shares of 8X8 by 258.8% in the fourth quarter. AlphaCrest Capital Management LLC now owns 94,736 shares of the technology company’s stock worth $1,588,000 after purchasing an additional 68,329 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of 8X8 by 226.4% in the fourth quarter. Squarepoint Ops LLC now owns 124,236 shares of the technology company’s stock worth $2,082,000 after acquiring an additional 86,170 shares during the period. M&T Bank Corp grew its holdings in shares of 8X8 by 98.9% in the fourth quarter. M&T Bank Corp now owns 39,254 shares of the technology company’s stock worth $658,000 after acquiring an additional 19,523 shares during the period. Dorsey & Whitney Trust CO LLC grew its holdings in shares of 8X8 by 66.5% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 18,478 shares of the technology company’s stock worth $310,000 after acquiring an additional 7,382 shares during the period. Finally, Factorial Partners LLC bought a new stake in shares of 8X8 in the first quarter worth $340,000. Hedge funds and other institutional investors own 92.72% of the company’s stock.

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. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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