8X8 (NASDAQ:EGHT) Given New $1.50 Price Target at Wells Fargo & Company

8X8 (NASDAQ:EGHT) had its target price reduced by Wells Fargo & Company from $2.00 to $1.50 in a report issued on Friday, Benzinga reports. They currently have an underweight rating on the stock.

EGHT has been the topic of several other reports. Rosenblatt Securities reiterated a buy rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Morgan Stanley cut shares of 8X8 from an equal weight rating to an underweight rating and lowered their price objective for the stock from $3.00 to $2.00 in a research report on Friday, June 14th. StockNews.com cut shares of 8X8 from a buy rating to a hold rating in a research report on Friday, May 10th. Finally, Needham & Company LLC reiterated a buy rating and set a $3.50 price objective on shares of 8X8 in a research report on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, 8X8 has an average rating of Hold and an average price target of $3.11.

8X8 Trading Up 0.5 %

8X8 stock opened at $2.02 on Friday. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap of $253.27 million, a price-to-earnings ratio of -3.67 and a beta of 1.57. 8X8 has a 1 year low of $1.85 and a 1 year high of $4.88. The firm’s 50 day moving average price is $2.45 and its two-hundred day moving average price is $2.87.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm had revenue of $179.41 million for the quarter, compared to analyst estimates of $178.85 million. During the same quarter in the previous year, the business posted ($0.03) earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, research analysts predict that 8X8 will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently modified their holdings of EGHT. Price T Rowe Associates Inc. MD boosted its holdings in 8X8 by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after purchasing an additional 4,255 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in 8X8 by 36.9% in the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after purchasing an additional 4,670 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in 8X8 by 0.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock worth $2,454,000 after purchasing an additional 5,043 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in 8X8 by 26.4% in the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock worth $145,000 after purchasing an additional 8,014 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in 8X8 by 18.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock worth $191,000 after purchasing an additional 8,282 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

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.