Rosenblatt Securities Issues Pessimistic Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price target dropped by research analysts at Rosenblatt Securities from $3.50 to $3.30 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 16.20% from the company’s current price.

EGHT has been the topic of several other research reports. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, January 18th. B. Riley reiterated a “buy” rating and issued a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Morgan Stanley raised their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Finally, Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.84.

8X8 Stock Up 4.4 %

EGHT stock opened at $2.84 on Monday. The company 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 12 month low of $1.51 and a 12 month high of $3.41. The firm’s fifty day simple moving average is $2.82 and its 200-day simple moving average is $2.44. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS 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%. As a group, equities research analysts forecast that 8X8 will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

Institutional investors have recently bought and sold shares of the company. Ieq Capital LLC purchased a new position in shares of 8X8 in the fourth quarter valued at approximately $85,000. Rhumbline Advisers raised its stake in 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after purchasing an additional 8,100 shares during the last quarter. SG Americas Securities LLC lifted its holdings in 8X8 by 39.4% in the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock valued at $163,000 after purchasing an additional 17,259 shares in the last quarter. Pallas Capital Advisors LLC acquired a new stake in 8X8 during the 4th quarter worth $29,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of 8X8 by 178.7% during the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after buying an additional 60,316 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.