8X8 (NYSE:EGHT) Shares Down 16.6%

8×8, Inc. (NYSE:EGHTGet Rating)’s share price fell 16.6% on Thursday . The company traded as low as $4.63 and last traded at $4.68. 62,801 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 1,812,163 shares. The stock had previously closed at $5.61.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EGHT. Needham & Company LLC reduced their price objective on shares of 8X8 from $13.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Bank of America reduced their price objective on shares of 8X8 from $10.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, July 28th. MKM Partners assumed coverage on shares of 8X8 in a research note on Thursday. They issued a “neutral” rating and a $5.50 price objective for the company. Barclays cut their price target on shares of 8X8 from $10.00 to $6.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. Finally, Wells Fargo & Company cut their price target on shares of 8X8 from $8.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, 8X8 currently has an average rating of “Hold” and an average price target of $11.54.

8X8 Price Performance

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 $538.64 million, a P/E ratio of -2.84 and a beta of 1.10. The business’s fifty day moving average price is $5.64 and its 200-day moving average price is $9.55.

8X8 (NYSE:EGHTGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $186.79 million. During the same period in the previous year, the firm posted ($0.34) EPS. The firm’s revenue was up 26.5% compared to the same quarter last year. As a group, sell-side analysts predict that 8×8, Inc. will post -1.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 8X8 news, CFO Samuel C. Wilson sold 7,064 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $7.94, for a total value of $56,088.16. Following the completion of the sale, the chief financial officer now directly owns 220,646 shares of the company’s stock, valued at $1,751,929.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 8X8 news, CEO David Sipes sold 13,915 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $7.94, for a total value of $110,485.10. Following the completion of the sale, the chief executive officer now directly owns 553,117 shares of the company’s stock, valued at $4,391,748.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Samuel C. Wilson sold 7,064 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $7.94, for a total transaction of $56,088.16. Following the completion of the sale, the chief financial officer now directly owns 220,646 shares of the company’s stock, valued at $1,751,929.24. The disclosure for this sale can be found here. Insiders sold 171,551 shares of company stock valued at $1,031,834 over the last three months. Insiders own 2.20% of the company’s stock.

Institutional Trading of 8X8

Several hedge funds have recently added to or reduced their stakes in EGHT. Texas Permanent School Fund increased its position in shares of 8X8 by 1.7% in the first quarter. Texas Permanent School Fund now owns 83,891 shares of the technology company’s stock valued at $1,056,000 after acquiring an additional 1,377 shares during the period. Mutual of America Capital Management LLC increased its position in shares of 8X8 by 9.5% in the first quarter. Mutual of America Capital Management LLC now owns 17,051 shares of the technology company’s stock valued at $215,000 after acquiring an additional 1,482 shares during the period. Dorsey & Whitney Trust CO LLC increased its position in shares of 8X8 by 9.6% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 20,254 shares of the technology company’s stock valued at $255,000 after acquiring an additional 1,776 shares during the period. State of Alaska Department of Revenue increased its position in shares of 8X8 by 2.3% in the first quarter. State of Alaska Department of Revenue now owns 82,544 shares of the technology company’s stock valued at $1,039,000 after acquiring an additional 1,865 shares during the period. Finally, Maryland State Retirement & Pension System increased its position in shares of 8X8 by 4.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 45,428 shares of the technology company’s stock valued at $761,000 after acquiring an additional 1,904 shares during the period. 92.72% of the stock is owned by institutional investors.

About 8X8

(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.

Read More

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.