8X8 (NASDAQ:EGHT) Price Target Raised to $2.60 at Morgan Stanley

8X8 (NASDAQ:EGHT) had its price target boosted by Morgan Stanley from $2.00 to $2.60 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an underweight rating on the stock.

EGHT has been the topic of a number of other reports. Rosenblatt Securities cut their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. B. Riley reiterated a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Barclays upped their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Wells Fargo & Company boosted their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Finally, StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.87.

8X8 Trading Up 1.1 %

EGHT opened at $2.72 on Wednesday. The company has a fifty day moving average price of $2.67 and a two-hundred day moving average price of $2.35. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92. The company has a market cap of $355.40 million, a P/E ratio of -4.95, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period last year, the business posted $0.02 EPS. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. Analysts predict that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Trading of 8X8

A number of hedge funds have recently bought and sold shares of EGHT. Connor Clark & Lunn Investment Management Ltd. boosted its stake in 8X8 by 0.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after acquiring an additional 4,145 shares during the last quarter. Creative Planning raised its stake in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after acquiring an additional 5,453 shares during the period. BNP Paribas Financial Markets lifted its holdings in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after purchasing an additional 11,287 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 during the third quarter worth about $30,000. Finally, Virtu Financial LLC purchased a new position in shares of 8X8 in the third quarter worth about $36,000. 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.