8X8 (NASDAQ:EGHT) Price Target Raised to $2.60 at Morgan Stanley

8X8 (NASDAQ:EGHT) had its target price lifted by Morgan Stanley from $2.00 to $2.60 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other research analysts have also commented on EGHT. Rosenblatt Securities lowered their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. B. Riley reaffirmed a “buy” rating and issued a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company upped their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.87.

8X8 Stock Performance

Shares of 8X8 stock traded down $0.05 during trading on Wednesday, hitting $2.70. 167,664 shares of the stock were exchanged, compared to its average volume of 1,161,178. The company has a fifty day moving average price of $2.64 and a 200-day moving average price of $2.35. The stock has a market capitalization of $352.78 million, a price-to-earnings ratio of -4.91, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the firm earned $0.02 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Trading of 8X8

Several large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the third quarter valued at approximately $30,000. Virtu Financial LLC bought a new position in shares of 8X8 in the 3rd quarter valued at $36,000. Sei Investments Co. acquired a new position in shares of 8X8 during the 2nd quarter worth $44,000. XTX Topco Ltd bought a new stake in shares of 8X8 during the 2nd quarter worth $49,000. Finally, Intech Investment Management LLC bought a new stake in shares of 8X8 during the 3rd quarter worth $49,000. Institutional investors and hedge funds 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.