Barclays Lowers 8X8 (NASDAQ:EGHT) Price Target to $2.00

8X8 (NASDAQ:EGHT) had its price objective reduced by research analysts at Barclays from $3.00 to $2.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential upside of 8.70% from the company’s previous close.

EGHT has been the topic of a number of other reports. Rosenblatt Securities reissued a “buy” rating and set a $4.00 target price on shares of 8X8 in a report on Wednesday. Morgan Stanley cut shares of 8X8 from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $3.00 to $2.00 in a report on Friday, June 14th. StockNews.com cut shares of 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Needham & Company LLC dropped their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday. Finally, Wells Fargo & Company dropped their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Friday, June 21st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2.96.

8X8 Stock Performance

Shares of NASDAQ:EGHT traded down $0.07 on Friday, reaching $1.84. 3,052,106 shares of the company’s stock were exchanged, compared to its average volume of 1,322,656. The firm has a market capitalization of $230.69 million, a price-to-earnings ratio of -3.35 and a beta of 1.56. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The business’s 50-day moving average is $2.48 and its two-hundred day moving average is $2.61. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02.

8X8 (NASDAQ:EGHT) last issued its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The business had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period last year, the company posted ($0.04) earnings per share. As a group, equities research analysts forecast that 8X8 will post -0.07 EPS for the current year.

Hedge Funds Weigh In On 8X8

Several large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in 8X8 by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock valued at $3,294,000 after buying an additional 145,606 shares during the period. Wealthspire Advisors LLC acquired a new position in 8X8 during the 2nd quarter valued at about $240,000. American Century Companies Inc. increased its stake in 8X8 by 21.6% during the 2nd 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 during the period. Principal Financial Group Inc. increased its stake in 8X8 by 12.7% during the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock valued at $414,000 after buying an additional 21,087 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in 8X8 by 2,383.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock valued at $108,000 after buying an additional 46,564 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.