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

8×8, Inc. (NASDAQ:EGHT) has earned a consensus rating of “Hold” from the eight ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $2.87.

A number of research analysts have weighed in on EGHT shares. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Rosenblatt Securities decreased their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Morgan Stanley increased their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Finally, Barclays boosted their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th.

Institutional Trading of 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pallas Capital Advisors LLC acquired a new position in 8X8 during the fourth quarter valued at approximately $29,000. Sanctuary Advisors LLC raised its stake in shares of 8X8 by 178.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after acquiring an additional 60,316 shares during the period. Virtu Financial LLC acquired a new position in shares of 8X8 during the 3rd quarter valued at $36,000. Barclays PLC boosted its position in 8X8 by 198.8% during the 3rd quarter. Barclays PLC now owns 216,123 shares of the company’s stock worth $440,000 after purchasing an additional 143,791 shares during the period. Finally, Geode Capital Management LLC boosted its position in 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.72 on Monday. The company’s 50-day moving average price is $2.86 and its 200 day moving average price is $2.41. The stock has a market cap of $355.40 million, a price-to-earnings ratio of -4.95, a PEG ratio of 22.55 and a beta of 1.66. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.76. 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 announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. As a group, research analysts forecast that 8X8 will post 0.01 earnings per share for the current fiscal year.

About 8X8

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.