Analysts Set 8×8, Inc. (NASDAQ:EGHT) Target Price at $3.11

Shares of 8×8, Inc. (NASDAQ:EGHT) have received a consensus rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $3.11.

A number of equities analysts have recently issued reports on EGHT shares. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Wells Fargo & Company cut their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st. Morgan Stanley lowered shares of 8X8 from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $3.00 to $2.00 in a research report on Friday, June 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.50 price target on shares of 8X8 in a research note on Monday, May 20th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research note on Monday, March 18th.

8X8 Price Performance

Shares of 8X8 stock opened at $2.22 on Thursday. 8X8 has a one year low of $1.85 and a one year high of $4.88. The company has a market cap of $278.34 million, a P/E ratio of -4.04 and a beta of 1.57. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a fifty day moving average of $2.43 and a two-hundred day moving average of $2.81.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $179.41 million for the quarter, compared to analyst estimates of $178.85 million. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The business’s revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) earnings per share. On average, analysts forecast that 8X8 will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

Several institutional investors and hedge funds have recently made changes to their positions in EGHT. Boston Partners raised its position in 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after acquiring an additional 3,073,230 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new position in shares of 8X8 during the 1st quarter worth approximately $139,000. Invenomic Capital Management LP raised its position in shares of 8X8 by 27.5% during the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after purchasing an additional 571,245 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in 8X8 by 10.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,035,486 shares of the company’s stock valued at $2,796,000 after buying an additional 99,371 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in 8X8 by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after buying an additional 4,255 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.