Wells Fargo & Company Raises 8X8 (NASDAQ:EGHT) Price Target to $2.00

8X8 (NASDAQ:EGHT) had its price target raised by analysts at Wells Fargo & Company from $1.50 to $2.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 30.07% from the company’s current price.

EGHT has been the topic of several other research reports. Rosenblatt Securities decreased their price target 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. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. Barclays raised their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday. Needham & Company LLC decreased their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.82.

8X8 Stock Performance

NASDAQ EGHT opened at $2.86 on Tuesday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The business has a 50-day moving average price of $1.99 and a 200-day moving average price of $2.26. The firm has a market cap of $367.02 million, a price-to-earnings ratio of -5.72 and a beta of 1.54.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS. As a group, equities research analysts predict that 8X8 will post -0.09 EPS for the current fiscal year.

Institutional Trading of 8X8

Institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of 8X8 in the first quarter valued at $229,000. BNP Paribas Financial Markets grew its holdings in 8X8 by 77.4% during the 1st quarter. BNP Paribas Financial Markets now owns 166,619 shares of the company’s stock valued at $450,000 after purchasing an additional 72,707 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in 8X8 in the 1st quarter worth about $732,000. First Eagle Investment Management LLC bought a new stake in 8X8 in the first quarter worth about $1,482,000. Finally, Vanguard Group Inc. boosted its position in shares of 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after buying an additional 561,436 shares during the period. 93.99% of the stock is currently owned by institutional investors.

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.