8X8 (NASDAQ:EGHT) Price Target Raised to $2.50

8X8 (NASDAQ:EGHT) had its price objective increased by analysts at Barclays from $2.00 to $2.50 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential downside of 14.38% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. 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. Rosenblatt Securities lowered their price target 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. B. Riley restated a “buy” rating and set a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.75.

8X8 Trading Up 25.9 %

NASDAQ:EGHT traded up $0.60 during mid-day trading on Tuesday, hitting $2.92. 603,366 shares of the company’s stock were exchanged, compared to its average volume of 1,180,402. The company has a 50 day simple moving average of $1.96 and a 200-day simple moving average of $2.26. 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 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The firm has a market capitalization of $374.72 million, a P/E ratio of -5.36 and a beta of 1.54.

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, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same quarter last year, the business earned $0.02 EPS. The company’s revenue was down 2.2% compared to the same quarter last year. As a group, research analysts expect that 8X8 will post -0.09 earnings per share for the current year.

Institutional Trading of 8X8

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP bought a new stake in 8X8 during the 3rd quarter valued at $332,000. Versor Investments LP bought a new stake in 8X8 during the 3rd quarter valued at $136,000. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 during the 3rd quarter valued at $30,000. Creative Planning increased its stake in 8X8 by 16.6% during the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after purchasing an additional 5,453 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in 8X8 during the 2nd quarter valued at $77,000. Institutional investors 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.