8×8, Inc. (NASDAQ:EGHT) Receives $2.93 Average Price Target from Brokerages

8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus rating of “Hold” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $2.82.

A number of analysts have recently weighed in on the company. Mizuho increased their price objective on 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research note on Tuesday. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday. Needham & Company LLC lowered their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Wells Fargo & Company raised their target price on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday. Finally, Rosenblatt Securities lowered their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th.

Institutional Investors Weigh In On 8X8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boston Partners grew its position in shares of 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after buying an additional 3,073,230 shares during the period. Acadian Asset Management LLC increased its stake in shares of 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after purchasing an additional 1,279,145 shares in the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of 8X8 by 105.1% during the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after purchasing an additional 576,418 shares during the last quarter. Invenomic Capital Management LP boosted its position in shares of 8X8 by 27.5% in 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 in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after buying an additional 561,436 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.75 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The stock has a market cap of $352.91 million, a PE ratio of -5.50 and a beta of 1.54. The company’s fifty day moving average is $1.97 and its 200 day moving average is $2.26. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.02 earnings per share. Research analysts anticipate that 8X8 will post -0.09 earnings per share for the current 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.