Rosenblatt Securities Issues Pessimistic Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its target price trimmed by Rosenblatt Securities from $3.50 to $3.30 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on EGHT. Morgan Stanley upped their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $2.75 to $2.50 in a research note on Friday, December 13th. B. Riley reissued a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Barclays increased their target price on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Trading Down 5.3 %

Shares of EGHT opened at $2.69 on Monday. 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 52-week low of $1.51 and a 52-week high of $3.41. The firm has a market cap of $351.48 million, a price-to-earnings ratio of -4.89, a PEG ratio of 24.05 and a beta of 1.66. The business’s fifty day moving average is $2.81 and its 200-day moving average is $2.44.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. Equities analysts anticipate that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Trading of 8X8

Institutional investors have recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC bought a new position in 8X8 during the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 during the third quarter worth $30,000. Virtu Financial LLC bought a new position in 8X8 during the third quarter worth $36,000. Sei Investments Co. acquired a new position in 8X8 in the second quarter valued at $44,000. Finally, Intech Investment Management LLC bought a new stake in 8X8 during the third quarter valued at $49,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.