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

8X8 (NASDAQ:EGHT) had its price objective increased by Mizuho from $2.50 to $2.75 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on EGHT. Needham & Company LLC dropped their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday. Rosenblatt Securities reduced their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Wells Fargo & Company increased their target price on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday. Finally, Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.82.

8X8 Stock Performance

8X8 stock opened at $2.95 on Tuesday. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The company has a market capitalization of $378.57 million, a PE ratio of -5.35 and a beta of 1.54. The company has a 50 day moving average price of $1.99 and a 200-day moving average price of $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 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.06% 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 in the previous year, the company posted $0.02 EPS. 8X8’s revenue was down 2.2% on a year-over-year basis. As a group, equities analysts forecast that 8X8 will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in 8X8 by 5.2% during 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. Boston Partners grew its stake 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 acquiring an additional 3,073,230 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of 8X8 by 27.5% during the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after acquiring an additional 571,245 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after acquiring an additional 1,279,145 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of 8X8 by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock valued at $3,294,000 after purchasing an additional 145,606 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

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.