Barclays Issues Positive Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price objective increased by research analysts at Barclays from $2.50 to $3.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 5.63% from the stock’s previous close.

Several other brokerages have also issued reports on EGHT. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Rosenblatt Securities lowered their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday. Finally, StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Performance

Shares of EGHT stock opened at $2.84 on Wednesday. The company has a 50 day moving average price of $2.80 and a 200-day moving average price of $2.44. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.41. The firm has a market capitalization of $371.07 million, a PE ratio of -5.16, a P/E/G ratio of 24.05 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

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

Hedge Funds Weigh In On 8X8

Hedge funds have recently modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 in the fourth quarter worth $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 in the third quarter worth $30,000. Virtu Financial LLC purchased a new position in shares of 8X8 in the third quarter worth $36,000. Sei Investments Co. purchased a new position in shares of 8X8 in the second quarter worth $44,000. Finally, Intech Investment Management LLC purchased a new position in shares of 8X8 in the third quarter worth $49,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

About 8X8

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.