Analysts Set 8×8, Inc. (NASDAQ:EGHT) Target Price at $2.87

8×8, Inc. (NASDAQ:EGHT) has been given a consensus rating of “Hold” by the eight research firms that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $2.87.

EGHT has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities decreased their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th.

8X8 Trading Down 0.7 %

Shares of 8X8 stock opened at $2.70 on Thursday. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50 day moving average price of $2.67 and a 200 day moving average price of $2.35. The company has a market capitalization of $352.78 million, a P/E ratio of -4.91, a P/E/G ratio of 26.98 and a beta of 1.63.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. SG Americas Securities LLC purchased a new position in shares of 8X8 in the 2nd quarter valued at $217,000. Bank of New York Mellon Corp raised its position in 8X8 by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock valued at $1,239,000 after purchasing an additional 52,371 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of 8X8 by 2,383.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock worth $108,000 after purchasing an additional 46,564 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of 8X8 by 12.7% in the second quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock worth $414,000 after buying an additional 21,087 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of 8X8 by 21.6% in the second quarter. American Century Companies Inc. now owns 154,009 shares of the company’s stock valued at $342,000 after buying an additional 27,306 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

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.