Analysts Set 8×8, Inc. (NASDAQ:EGHT) Target Price at $2.87

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned an average rating of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $2.87.

Several research firms have recently issued reports on EGHT. Morgan Stanley boosted their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Rosenblatt Securities cut their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th.

Hedge Funds Weigh In On 8X8

Hedge funds have recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 in the fourth quarter worth $29,000. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 during the 3rd quarter valued at about $30,000. Virtu Financial LLC purchased a new stake in shares of 8X8 during the 3rd quarter valued at about $36,000. Sei Investments Co. bought a new stake in shares of 8X8 in the second quarter worth approximately $44,000. Finally, XTX Topco Ltd purchased a new position in shares of 8X8 during the second quarter valued at approximately $49,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Stock Performance

Shares of EGHT stock opened at $2.58 on Monday. The company has a market capitalization of $337.10 million, a P/E ratio of -4.69, a PEG ratio of 22.25 and a beta of 1.66. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.76. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a 50 day moving average price of $2.84 and a two-hundred day moving average price of $2.42.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period in the prior year, the business posted $0.02 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. Analysts expect that 8X8 will post 0.01 earnings per share for the current year.

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.