8X8 (NASDAQ:EGHT) Price Target Raised to $2.75 at Mizuho

8X8 (NASDAQ:EGHT) had its price target hoisted by research analysts at Mizuho from $2.50 to $2.75 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price would suggest a potential downside of 3.85% from the stock’s previous close.

Other research analysts also recently issued reports about the company. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research note on Monday. Barclays upped their price target on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday. Needham & Company LLC decreased their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Two 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.82.

8X8 Stock Performance

Shares of EGHT opened at $2.86 on Tuesday. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.92. The business’s fifty day moving average price is $1.99 and its 200 day moving average price is $2.26. The stock has a market capitalization of $367.02 million, a PE ratio of -5.72 and a beta of 1.54.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data 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 net margin of 8.65% and a negative return on equity of 6.51%. The business had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts forecast that 8X8 will post -0.09 EPS for the current year.

Institutional Trading of 8X8

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 during the third quarter valued at approximately $30,000. Sei Investments Co. acquired a new position in shares of 8X8 during the 2nd quarter valued at $44,000. XTX Topco Ltd bought a new stake in shares of 8X8 in the 2nd quarter worth $49,000. Sanctuary Advisors LLC acquired a new stake in shares of 8X8 in the second quarter valued at $77,000. Finally, Dynamic Advisor Solutions LLC boosted its stake in 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after buying an additional 15,665 shares in the last quarter. 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.