8X8 (NASDAQ:EGHT) Price Target Raised to $2.60

8X8 (NASDAQ:EGHT) had its price objective increased by Morgan Stanley from $2.00 to $2.60 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. B. Riley reaffirmed a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays increased their price objective on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.87.

8X8 Price Performance

Shares of NASDAQ EGHT traded down $0.05 during midday trading on Wednesday, reaching $2.70. 167,664 shares of the company were exchanged, compared to its average volume of 1,161,178. The stock’s 50-day moving average price is $2.64 and its 200-day moving average price is $2.35. The stock has a market cap of $352.78 million, a P/E ratio of -4.91, a PEG ratio of 26.98 and a beta of 1.63. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a one year low of $1.51 and a one year high of $3.92.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The business had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period last year, the company earned $0.02 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of 8X8

Several institutional investors and hedge funds have recently modified their holdings of EGHT. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 during the third quarter valued at approximately $30,000. Virtu Financial LLC bought a new position in 8X8 during the 3rd quarter valued at $36,000. Sei Investments Co. purchased a new position in 8X8 during the 2nd quarter worth $44,000. XTX Topco Ltd bought a new stake in shares of 8X8 in the 2nd quarter worth $49,000. Finally, Intech Investment Management LLC purchased a new stake in shares of 8X8 in the third quarter valued at about $49,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.