Rosenblatt Securities Lowers 8X8 (NASDAQ:EGHT) Price Target to $3.30

8X8 (NASDAQ:EGHT) had its price objective reduced by research analysts at Rosenblatt Securities from $3.50 to $3.30 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target suggests a potential upside of 16.20% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Saturday, January 18th. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. B. Riley reiterated a “buy” rating and set a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. StockNews.com upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Morgan Stanley increased their target price on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. 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, the stock currently has a consensus rating of “Hold” and an average target price of $2.84.

8X8 Stock Performance

NASDAQ EGHT opened at $2.84 on Monday. 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 stock’s fifty day moving average is $2.82 and its two-hundred day moving average is $2.44. The firm has a market capitalization of $371.07 million, a P/E ratio of -5.16, a price-to-earnings-growth ratio of 24.05 and a beta of 1.66. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.41.

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

Institutional Trading of 8X8

A number of large investors have recently modified their holdings of the stock. B. Riley Financial Inc. acquired a new position in 8X8 during the 3rd quarter worth $1,997,000. Geode Capital Management LLC grew its position in shares of 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 buying an additional 237,181 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after buying an additional 11,287 shares in the last quarter. FMR LLC increased its stake in shares of 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the period. Finally, Sanctuary Advisors LLC raised its holdings in 8X8 by 178.7% in the third 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 in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.