Morgan Stanley Forecasts Strong Price Appreciation for 8X8 (NASDAQ:EGHT) Stock

8X8 (NASDAQ:EGHT) had its price target increased by investment analysts at Morgan Stanley from $2.00 to $2.60 in a report released on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 6.14% from the stock’s previous close.

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

8X8 Stock Performance

Shares of EGHT stock opened at $2.77 on Wednesday. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.92. The business’s fifty day simple moving average is $2.62 and its 200-day simple moving average is $2.35. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The company has a market cap of $361.93 million, a PE ratio of -5.04, a PEG ratio of 26.98 and a beta of 1.63.

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

Institutional Investors Weigh In On 8X8

Institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC increased its position in shares of 8X8 by 178.7% during the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after purchasing an additional 60,316 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of 8X8 during the third quarter worth $36,000. Barclays PLC lifted its stake in shares of 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock worth $440,000 after buying an additional 143,791 shares in the last quarter. Geode Capital Management LLC boosted its position in 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares during the last quarter. Finally, XTX Topco Ltd grew its stake in 8X8 by 487.9% during the 3rd quarter. XTX Topco Ltd now owns 130,490 shares of the company’s stock valued at $266,000 after acquiring an additional 108,293 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

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.