Needham & Company LLC Forecasts Strong Price Appreciation for 8X8 (NASDAQ:EGHT) Stock

8X8 (NASDAQ:EGHT) had its price target upped by Needham & Company LLC from $3.00 to $3.50 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 23.24% from the company’s current price.

EGHT has been the subject of a number of other research reports. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Morgan Stanley increased their price target on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, B. Riley reaffirmed a “buy” rating and set a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Three equities 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 MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.99.

8X8 Stock Performance

NASDAQ EGHT opened at $2.84 on Wednesday. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.41. 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. The stock’s fifty day moving average is $2.80 and its two-hundred day moving average is $2.44. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. 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 institutional investors and hedge funds have recently bought and sold shares of the business. Invenomic Capital Management LP boosted its holdings in 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares during the period. Geode Capital Management LLC raised its position in 8X8 by 8.6% in 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. FMR LLC boosted its stake in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after buying an additional 314,441 shares during the period. Dimensional Fund Advisors LP grew its position in shares of 8X8 by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after buying an additional 145,606 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of 8X8 by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company’s stock worth $3,788,000 after buying an additional 80,042 shares in the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.