8×8, Inc. (NASDAQ:EGHT) Receives $2.83 Consensus Price Target from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have been assigned a consensus rating of “Hold” from the six ratings firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $2.83.

Several brokerages have recently commented on EGHT. StockNews.com downgraded shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Saturday, August 17th. Wells Fargo & Company lowered their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Friday, June 21st. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 target price on shares of 8X8 in a research report on Thursday, August 22nd. Needham & Company LLC lowered 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. Finally, Barclays cut their price objective on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th.

Institutional Trading of 8X8

A number of large investors have recently added to or reduced their stakes in EGHT. 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 purchasing an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after buying an additional 1,279,145 shares during the last quarter. Invenomic Capital Management LP lifted its holdings in shares of 8X8 by 91.1% in the 4th quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock valued at $7,854,000 after acquiring an additional 990,352 shares during the last quarter. First Eagle Investment Management LLC grew its position in 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 acquiring an additional 576,418 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in 8X8 during the fourth quarter worth approximately $2,123,000. Institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

NASDAQ:EGHT opened at $1.80 on Tuesday. The stock has a 50-day simple moving average of $2.26 and a two-hundred day simple moving average of $2.43. 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 52-week low of $1.51 and a 52-week high of $3.92. The firm has a market capitalization of $225.68 million, a PE ratio of -3.27 and a beta of 1.55.

8X8 (NASDAQ:EGHT) last released its earnings results 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 firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The company’s revenue was down 5.7% compared to the same quarter last year. Analysts forecast that 8X8 will post -0.08 EPS for the current year.

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.