Home Hedge Funds 8X8 (NYSE:EGHT) Shares Down 6.1% After Analyst Downgrade

8X8 (NYSE:EGHT) Shares Down 6.1% After Analyst Downgrade

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8×8, Inc. (NYSE:EGHTGet Rating)’s share price traded down 6.1% during mid-day trading on Friday after B. Riley lowered their price target on the stock from $13.50 to $10.00. The company traded as low as $4.89 and last traded at $4.91. 72,141 shares changed hands during trading, a decline of 96% from the average session volume of 1,805,120 shares. The stock had previously closed at $5.23.

EGHT has been the subject of several other research reports. Mizuho lowered their target price on shares of 8X8 from $10.00 to $6.00 and set a “maintains” rating for the company in a research note on Thursday. Evercore ISI reaffirmed a “neutral” rating and set a $6.00 target price on shares of 8X8 in a research note on Friday, June 24th. Wells Fargo & Company lowered their target price on shares of 8X8 from $8.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday. Needham & Company LLC lowered their target price on shares of 8X8 from $13.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Barclays reaffirmed a “maintains” rating on shares of 8X8 in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.71.

Insider Buying and Selling at 8X8

In other 8X8 news, SVP Matthew Zinn sold 3,763 shares of the stock in a transaction that occurred on Sunday, May 15th. The shares were sold at an average price of $7.94, for a total value of $29,878.22. Following the transaction, the senior vice president now directly owns 85,323 shares in the company, valued at $677,464.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Matthew Zinn sold 3,763 shares of the firm’s stock in a transaction that occurred on Sunday, May 15th. The shares were sold at an average price of $7.94, for a total transaction of $29,878.22. Following the transaction, the senior vice president now directly owns 85,323 shares in the company, valued at $677,464.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Hunter Middleton sold 9,250 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $5.27, for a total transaction of $48,747.50. Following the transaction, the insider now owns 55,845 shares in the company, valued at $294,303.15. The disclosure for this sale can be found here. Insiders have sold 171,551 shares of company stock worth $1,031,834 over the last three months. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On 8X8

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A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Captrust Financial Advisors lifted its holdings in 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock valued at $38,000 after acquiring an additional 2,665 shares during the period. Mackay Shields LLC acquired a new stake in 8X8 in the first quarter valued at $46,000. KBC Group NV acquired a new stake in 8X8 in the second quarter valued at $55,000. Everence Capital Management Inc. acquired a new stake in 8X8 in the second quarter valued at $135,000. Finally, XTX Topco Ltd acquired a new stake in 8X8 in the first quarter valued at $138,000. 92.72% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Trading Down 6.1 %

The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 3.76. The business has a fifty day simple moving average of $5.92 and a 200 day simple moving average of $10.03. The company has a market cap of $582.54 million, a price-to-earnings ratio of -3.20 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.06. The business had revenue of $187.60 million during the quarter, compared to the consensus estimate of $186.79 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. The business’s revenue was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.34) EPS. On average, equities analysts anticipate that 8×8, Inc. will post -1.24 EPS for the current fiscal year.

8X8 Company Profile

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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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