8×8, Inc. (NASDAQ:EGHT) Receives $2.82 Consensus Price Target from Brokerages

8×8, Inc. (NASDAQ:EGHT) has earned a consensus rating of “Hold” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $2.82.

EGHT has been the topic of a number of recent research reports. B. Riley restated a “buy” rating and set a $4.00 price target (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays increased their price target on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Wells Fargo & Company increased their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Finally, Needham & Company LLC decreased their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th.

8X8 Price Performance

EGHT stock opened at $3.16 on Friday. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.92. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market cap of $412.89 million, a price-to-earnings ratio of -5.75, a PEG ratio of 26.12 and a beta of 1.54. The company’s fifty day simple moving average is $2.30 and its 200 day simple moving average is $2.32.

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

Institutional Inflows and Outflows

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

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.