8X8 (NASDAQ:EGHT) Given New $2.50 Price Target at Barclays

8X8 (NASDAQ:EGHT) had its price target hoisted by Barclays from $2.00 to $2.50 in a research note published on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms also recently issued reports on EGHT. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Rosenblatt Securities decreased their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Needham & Company LLC dropped their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, B. Riley reiterated a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.82.

8X8 Trading Up 1.0 %

EGHT stock opened at $2.98 on Tuesday. 8X8 has a one year low of $1.51 and a one year high of $3.92. The company has a market capitalization of $382.42 million, a PE ratio of -5.42 and a beta of 1.54. The company’s 50 day moving average price is $2.04 and its two-hundred day moving average price is $2.27. 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 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.06%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the business earned $0.02 earnings per share. As a group, analysts predict that 8X8 will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 8X8

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new stake in shares of 8X8 during the 3rd quarter valued at about $49,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of 8X8 by 0.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after buying an additional 4,145 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of 8X8 by 138.2% in the third quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock worth $156,000 after buying an additional 44,255 shares during the last quarter. GSA Capital Partners LLP bought a new stake in 8X8 during the third quarter valued at approximately $332,000. Finally, Versor Investments LP purchased a new stake in 8X8 during the third quarter valued at approximately $136,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.