8X8 (NASDAQ:EGHT) Receives Buy Rating from Rosenblatt Securities

8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a research report issued on Thursday, Benzinga reports. They currently have a $3.00 target price on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 68.54% from the stock’s current price.

Several other brokerages also recently commented on EGHT. Weiss Ratings reiterated a “sell (d)” rating on shares of 8X8 in a report on Tuesday, September 1st. B. Riley Financial reaffirmed a “buy” rating and issued a $3.25 target price (up from $3.00) on shares of 8X8 in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.12.

8X8 Stock Performance

Shares of 8X8 stock opened at $1.78 on Thursday. The firm’s 50 day moving average is $1.98 and its two-hundred day moving average is $2.00. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.83. The firm has a market capitalization of $257.10 million, a P/E ratio of 44.51, a P/E/G ratio of 1.26 and a beta of 1.84. 8X8 has a 52 week low of $1.57 and a 52 week high of $2.88.

8X8 (NASDAQ:EGHT) last announced its earnings results on Tuesday, August 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. 8X8 had a return on equity of 28.72% and a net margin of 0.64%.The firm had revenue of $190.17 million for the quarter, compared to analysts’ expectations of $182.47 million. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. Research analysts forecast that 8X8 will post 0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kevin Kraus sold 34,329 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $2.32, for a total transaction of $79,643.28. Following the completion of the transaction, the chief financial officer directly owned 958,324 shares in the company, valued at $2,223,311.68. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Elizabeth Theophille sold 20,207 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the transaction, the director owned 167,086 shares in the company, valued at $302,425.66. The trade was a 10.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP acquired a new position in 8X8 in the second quarter valued at approximately $885,000. BlackRock Inc. bought a new position in shares of 8X8 during the second quarter valued at $20,624,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in 8X8 in the 2nd quarter valued at about $1,184,000. Algert Global LLC increased its stake in shares of 8X8 by 944.3% in the 2nd quarter. Algert Global LLC now owns 1,284,026 shares of the company’s stock valued at $2,196,000 after acquiring an additional 1,161,066 shares during the last quarter. Finally, S Squared Technology LLC bought a new stake in 8X8 in the 2nd quarter valued at $1,597,544. 93.99% of the stock is owned by hedge funds and other institutional investors.

About 8X8

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.