8×8, Inc. (NASDAQ:EGHT) Receives $2.83 Average Price Target from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have been assigned an average recommendation of “Hold” from the six analysts that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $2.83.

A number of equities analysts have weighed in on EGHT shares. StockNews.com downgraded shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Saturday, August 17th. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $3.00 to $2.00 in a research note on Friday, June 14th. Wells Fargo & Company dropped their target price on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Friday, June 21st. Barclays lowered their price target on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Thursday, August 22nd.

Hedge Funds Weigh In On 8X8

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund grew its holdings in shares of 8X8 by 26.4% in the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock worth $145,000 after acquiring an additional 8,014 shares during the period. Victory Capital Management Inc. increased its position in shares of 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares during the last quarter. Versor Investments LP bought a new position in shares of 8X8 in the 4th quarter worth approximately $118,000. Boston Partners boosted its holdings in shares of 8X8 by 241.1% in the fourth quarter. Boston Partners now owns 649,480 shares of the company’s stock worth $2,455,000 after buying an additional 459,077 shares during the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in 8X8 during the fourth quarter valued at approximately $2,123,000. Institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

Shares of EGHT opened at $1.80 on Tuesday. 8X8 has a one year low of $1.51 and a one year high of $3.92. The company has a 50-day simple moving average of $2.26 and a two-hundred day simple moving average of $2.43. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $225.68 million, a PE ratio of -3.27 and a beta of 1.55.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. 8X8’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) earnings per share. On average, analysts anticipate that 8X8 will post -0.08 EPS for the current fiscal year.

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.