8×8, Inc. (NASDAQ:EGHT) Receives $2.87 Average Price Target from Analysts

8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $2.87.

EGHT has been the subject of a number of research reports. Barclays boosted their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wells Fargo & Company raised their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Finally, Rosenblatt Securities dropped their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th.

8X8 Stock Down 2.3 %

Shares of EGHT opened at $2.58 on Monday. The firm has a market cap of $337.11 million, a P/E ratio of -4.69, a PEG ratio of 22.25 and a beta of 1.66. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.76. The stock’s 50 day moving average is $2.85 and its two-hundred day moving average is $2.41. 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 released its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.02 EPS. Analysts predict that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC raised its stake in 8X8 by 39.4% during the fourth quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock worth $163,000 after purchasing an additional 17,259 shares during the period. Pallas Capital Advisors LLC acquired a new stake in shares of 8X8 during the 4th quarter worth approximately $29,000. Sanctuary Advisors LLC raised its position in shares of 8X8 by 178.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after buying an additional 60,316 shares during the period. Virtu Financial LLC acquired a new position in 8X8 in the third quarter valued at approximately $36,000. Finally, Barclays PLC grew its position in 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock worth $440,000 after acquiring an additional 143,791 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.