Barclays PLC Has $440,000 Position in 8×8, Inc. (NASDAQ:EGHT)

Barclays PLC increased its holdings in 8×8, Inc. (NASDAQ:EGHT) by 198.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 216,123 shares of the company’s stock after purchasing an additional 143,791 shares during the period. Barclays PLC’s holdings in 8X8 were worth $440,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in EGHT. Wealth Enhancement Advisory Services LLC bought a new stake in shares of 8X8 in the 3rd quarter valued at approximately $30,000. Sei Investments Co. acquired a new stake in 8X8 in the 2nd quarter valued at $44,000. XTX Topco Ltd bought a new stake in 8X8 in the second quarter valued at $49,000. Intech Investment Management LLC bought a new stake in 8X8 in the third quarter valued at $49,000. Finally, Sanctuary Advisors LLC acquired a new position in 8X8 during the second quarter worth $77,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

EGHT has been the topic of several analyst reports. Barclays upped their target price 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. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. B. Riley reiterated a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Mizuho lowered 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 report on Friday, December 13th. Finally, Rosenblatt Securities cut their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and an average price target of $2.87.

8X8 Stock Up 4.9 %

Shares of EGHT opened at $2.79 on Friday. The firm has a market capitalization of $364.54 million, a price-to-earnings ratio of -5.07, a PEG ratio of 26.98 and a beta of 1.63. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.78. 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 business’s fifty day moving average price is $2.79 and its two-hundred day moving average price is $2.37.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The firm had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period last year, the company earned $0.02 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. On average, analysts predict that 8×8, Inc. 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.