Morgan Stanley Forecasts Strong Price Appreciation for 8X8 (NASDAQ:EGHT) Stock

8X8 (NASDAQ:EGHT) had its target price raised by analysts at Morgan Stanley from $2.00 to $2.60 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 3.35% from the company’s current price.

Other equities research analysts have also issued reports about the company. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays lifted their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Three investment 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 has an average rating of “Hold” and a consensus price target of $2.87.

8X8 Stock Down 2.2 %

EGHT stock opened at $2.69 on Wednesday. The company has a 50 day moving average of $2.66 and a two-hundred day moving average of $2.35. The company has a market cap of $351.48 million, a price-to-earnings ratio of -4.89, a PEG ratio of 26.98 and a beta of 1.63. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.92. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data 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 return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period last year, the company earned $0.02 earnings per share. 8X8’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. B. Riley Financial Inc. acquired a new position in 8X8 during the 3rd quarter worth $1,997,000. First Eagle Investment Management LLC increased its stake in shares of 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after purchasing an additional 576,418 shares during the period. Invenomic Capital Management LP lifted its position in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the last quarter. FMR LLC boosted its stake in 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after purchasing an additional 314,441 shares during the period. Finally, Geode Capital Management LLC grew its holdings in 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after buying an additional 237,181 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.