8X8 (NASDAQ:EGHT) Stock Price Expected to Rise, Barclays Analyst Says

8X8 (NASDAQ:EGHT) had its target price upped by stock analysts at Barclays from $2.50 to $3.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 5.63% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Wells Fargo & Company raised their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday. B. Riley reiterated a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Three research 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’s stock. According to data from MarketBeat, 8X8 presently has an average rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Up 4.4 %

NASDAQ:EGHT opened at $2.84 on Wednesday. 8X8 has a one year low of $1.51 and a one year high of $3.41. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $371.07 million, a PE ratio of -5.16, a P/E/G ratio of 24.05 and a beta of 1.66. The firm’s 50 day simple moving average is $2.81 and its 200 day simple moving average is $2.44.

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

Institutional Inflows and Outflows

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

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.