Brokerages Set 8×8, Inc. (NASDAQ:EGHT) Target Price at $2.83

Shares of 8×8, Inc. (NASDAQ:EGHT) have received a consensus rating of “Hold” from the six analysts that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $2.83.

A number of research analysts have recently commented on EGHT shares. Wells Fargo & Company decreased their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a research report on Saturday, August 17th. Needham & Company LLC cut their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Morgan Stanley lowered 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 report on Friday, June 14th. Finally, Barclays cut their price target on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th.

8X8 Price Performance

NASDAQ:EGHT opened at $1.96 on Friday. The stock’s 50-day simple moving average is $1.91 and its 200 day simple moving average is $2.30. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.92. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $251.53 million, a P/E ratio of -3.92 and a beta of 1.56.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company 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 6.51% and a negative net margin of 8.65%. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.04) EPS. As a group, sell-side analysts forecast that 8X8 will post -0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boston Partners boosted its holdings in 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after purchasing an additional 3,073,230 shares during the period. Acadian Asset Management LLC boosted its stake in shares of 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after buying an additional 1,279,145 shares during the period. Invenomic Capital Management LP grew its position in 8X8 by 91.1% during the fourth quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock worth $7,854,000 after buying an additional 990,352 shares in the last quarter. First Eagle Investment Management LLC increased its stake in 8X8 by 105.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after acquiring an additional 576,418 shares during the period. Finally, Vanguard Group Inc. raised its holdings in 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

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.