Mizuho Lowers 8X8 (NYSE:EGHT) Price Target to $6.00

8X8 (NYSE:EGHTGet Rating) had its price target decreased by Mizuho from $10.00 to $6.00 in a research report report published on Thursday morning, The Fly reports. Mizuho currently has a maintains rating on the technology company’s stock.

A number of other research firms have also issued reports on EGHT. Needham & Company LLC reduced their price target on shares of 8X8 from $22.00 to $13.00 in a research report on Wednesday, May 11th. Barclays reduced their price target on shares of 8X8 from $10.00 to $6.00 and set an equal weight rating for the company in a research report on Monday, July 25th. Evercore ISI reissued a neutral rating and issued a $6.00 price target on shares of 8X8 in a research report on Friday, June 24th. Craig Hallum reduced their price target on shares of 8X8 from $20.00 to $10.00 in a research report on Wednesday, May 11th. Finally, Morgan Stanley cut their price objective on shares of 8X8 from $11.00 to $6.50 and set an equal weight rating on the stock in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $11.71.

8X8 Stock Performance

Shares of EGHT opened at $4.89 on Thursday. 8X8 has a one year low of $4.35 and a one year high of $26.46. The company has a 50-day moving average of $5.86 and a two-hundred day moving average of $9.85. The stock has a market cap of $580.17 million, a price-to-earnings ratio of -3.09 and a beta of 1.10. The company has a debt-to-equity ratio of 3.76, a current ratio of 3.03 and a quick ratio of 3.03.

8X8 (NYSE:EGHTGet Rating) last announced its earnings results on Wednesday, July 27th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.03 by $0.06. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. The company had revenue of $187.60 million during the quarter, compared to analysts’ expectations of $186.79 million. During the same period last year, the company posted ($0.34) earnings per share. The business’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, equities research analysts expect that 8X8 will post -1.24 earnings per share for the current year.

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 stock was sold at an average price of $7.94, for a total transaction of $29,878.22. Following the transaction, the senior vice president now owns 85,323 shares in the company, valued at $677,464.62. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Hunter Middleton sold 9,250 shares of the firm’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $5.27, for a total value of $48,747.50. Following the sale, the insider now owns 55,845 shares in the company, valued at $294,303.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Matthew Zinn sold 3,763 shares of the firm’s stock in a transaction on Sunday, May 15th. The stock was sold at an average price of $7.94, for a total transaction of $29,878.22. Following the completion of the sale, the senior vice president now owns 85,323 shares in the company, valued at approximately $677,464.62. The disclosure for this sale can be found here. Insiders have sold a total of 171,551 shares of company stock worth $1,031,834 over the last 90 days. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On 8X8

Several hedge funds and other institutional investors have recently modified their holdings of EGHT. Vanguard Group Inc. boosted its stake in 8X8 by 14.8% during the first quarter. Vanguard Group Inc. now owns 14,379,535 shares of the technology company’s stock worth $181,039,000 after buying an additional 1,851,380 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in 8X8 during the fourth quarter worth $22,015,000. Archon Capital Management LLC boosted its stake in 8X8 by 48.6% during the fourth quarter. Archon Capital Management LLC now owns 2,449,063 shares of the technology company’s stock worth $41,046,000 after buying an additional 800,689 shares in the last quarter. Cooper Creek Partners Management LLC acquired a new stake in 8X8 during the first quarter worth $6,491,000. Finally, Needham Investment Management LLC boosted its stake in 8X8 by 300.0% during the fourth quarter. Needham Investment Management LLC now owns 600,000 shares of the technology company’s stock worth $10,056,000 after buying an additional 450,000 shares in the last quarter. Institutional investors and hedge funds 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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