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

8×8, Inc. (NASDAQ:EGHT) has been assigned an average rating of “Hold” from the six analysts that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $2.83.

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

8X8 Trading Down 0.5 %

Shares of 8X8 stock opened at $1.87 on Tuesday. The company has a market cap of $234.45 million, a price-to-earnings ratio of -3.40 and a beta of 1.55. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92. The company’s fifty day simple moving average is $2.25 and its 200-day simple moving average is $2.41. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company had revenue of $172.80 million for the quarter, compared to the consensus estimate of $178.90 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, sell-side analysts expect that 8X8 will post -0.08 EPS for the current year.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC acquired a new stake in shares of 8X8 during the first quarter worth approximately $732,000. Vanguard Group Inc. boosted its stake in 8X8 by 5.2% in the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after purchasing an additional 561,436 shares in the last quarter. Boston Partners grew its holdings in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after purchasing an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC raised its holdings 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 last quarter. Finally, First Eagle Investment Management LLC acquired a new position in 8X8 during the 1st quarter worth about $1,482,000. 93.99% of the stock is owned by institutional investors.

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.