8X8 (NASDAQ:EGHT) Price Target Raised to $2.75

8X8 (NASDAQ:EGHT) had its target price lifted by Mizuho from $2.50 to $2.75 in a research report report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts have also recently issued reports on EGHT. Barclays upped their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday. Rosenblatt Securities dropped their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, Needham & Company LLC lowered their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, 8X8 has an average rating of “Hold” and a consensus price target of $2.82.

8X8 Stock Performance

Shares of NASDAQ EGHT opened at $2.95 on Tuesday. The company has a market cap of $378.57 million, a P/E ratio of -5.35 and a beta of 1.54. 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 firm’s fifty day moving average is $1.99 and its two-hundred day moving average is $2.26.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative return on equity of 6.06% and a negative net margin of 9.68%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 earnings per share. As a group, analysts anticipate that 8X8 will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

Hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 in the third quarter worth about $30,000. Sei Investments Co. purchased a new stake in shares of 8X8 in the second quarter worth approximately $44,000. XTX Topco Ltd bought a new stake in shares of 8X8 during the 2nd quarter worth approximately $49,000. Sanctuary Advisors LLC purchased a new position in 8X8 during the 2nd quarter valued at $77,000. Finally, Dynamic Advisor Solutions LLC grew its position in 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after acquiring an additional 15,665 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

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.