Needham & Company LLC Issues Positive Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price target boosted by Needham & Company LLC from $3.00 to $3.50 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, February 1st. Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. Rosenblatt Securities decreased their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Finally, Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.99.

8X8 Price Performance

NASDAQ:EGHT opened at $2.69 on Wednesday. The company has a market capitalization of $351.48 million, a P/E ratio of -4.89, a P/E/G ratio of 24.05 and a beta of 1.66. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.41. The business’s 50-day moving average is $2.81 and its 200 day moving average is $2.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. On average, equities research analysts forecast that 8X8 will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 8X8

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. B. Riley Financial Inc. bought a new stake in shares of 8X8 in the third quarter valued at about $1,997,000. Invenomic Capital Management LP raised its holdings in shares of 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares in the last quarter. FMR LLC lifted its position in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares during the period. Geode Capital Management LLC boosted its stake in shares of 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of 8X8 during the third quarter valued at approximately $332,000. Institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.