8X8 (NASDAQ:EGHT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

8X8 (NASDAQ:EGHT) had its price target boosted by analysts at Wells Fargo & Company from $1.50 to $2.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 29.82% from the company’s previous close.

A number of other research firms have also recently issued reports on EGHT. Needham & Company LLC cut their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Rosenblatt Securities cut their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Barclays lifted their price target on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday. Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Finally, B. Riley reissued a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.82.

8X8 Trading Up 22.8 %

Shares of NASDAQ EGHT traded up $0.53 during midday trading on Tuesday, reaching $2.85. The stock had a trading volume of 3,309,290 shares, compared to its average volume of 1,193,046. The company’s 50 day moving average price is $1.96 and its 200 day moving average price is $2.26. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The firm has a market cap of $365.74 million, a price-to-earnings ratio of -5.70 and a beta of 1.54.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. 8X8’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.02 earnings per share. As a group, sell-side analysts expect that 8X8 will post -0.09 EPS for the current year.

Institutional Investors Weigh In On 8X8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boston Partners grew its holdings in shares of 8X8 by 473.2% in the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after acquiring an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC grew its stake in 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after purchasing an additional 1,279,145 shares during the period. First Eagle Investment Management LLC increased its position in shares of 8X8 by 105.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after purchasing an additional 576,418 shares during the last quarter. Invenomic Capital Management LP raised its stake in shares of 8X8 by 27.5% during the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after purchasing an additional 571,245 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after buying an additional 561,436 shares during the last quarter. Hedge funds and other 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.