8×8, Inc. (NASDAQ:EGHT) Receives $2.82 Average Price Target from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned an average recommendation of “Hold” from the eight analysts that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $2.82.

Several research firms have recently weighed in on EGHT. Needham & Company LLC dropped their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Barclays increased their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Rosenblatt Securities cut their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Mizuho upped their price target on 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th.

8X8 Price Performance

NASDAQ:EGHT opened at $3.14 on Friday. The stock has a 50 day moving average price of $2.35 and a 200 day moving average price of $2.33. The stock has a market cap of $410.28 million, a PE ratio of -5.71, a P/E/G ratio of 27.32 and a beta of 1.54. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. 8X8 has a one year low of $1.51 and a one year high of $3.92.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.09 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 for the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the previous year, the firm earned $0.02 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. Equities research analysts expect that 8X8 will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in 8X8 by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after buying an additional 4,255 shares during the period. Creative Planning lifted its holdings in 8X8 by 16.6% during the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares in the last quarter. BNP Paribas Financial Markets boosted its position in 8X8 by 8.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after buying an additional 11,287 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 in the 3rd quarter valued at approximately $30,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.