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

8X8 (NASDAQ:EGHT) had its price objective raised by analysts at Needham & Company LLC from $3.00 to $3.50 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 23.24% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. Barclays boosted their target price on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a report on Saturday, February 1st. Finally, Rosenblatt Securities lowered their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Performance

NASDAQ EGHT opened at $2.84 on Wednesday. The firm has a market capitalization of $371.07 million, a P/E ratio of -5.16, a PEG ratio of 24.05 and a beta of 1.66. The stock has a 50-day simple moving average of $2.80 and a two-hundred day simple moving average of $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 has a fifty-two week low of $1.51 and a fifty-two week high of $3.41.

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 return on equity of 6.00% and a negative net margin of 9.68%. On average, equities analysts forecast that 8X8 will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

Several large investors have recently bought and sold shares of EGHT. Dimensional Fund Advisors LP boosted its stake in shares of 8X8 by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after acquiring an additional 145,606 shares during the last quarter. Sei Investments Co. purchased a new position in 8X8 in the 2nd quarter valued at $44,000. Sanctuary Advisors LLC acquired a new stake in 8X8 during the 2nd quarter worth $77,000. Creative Planning grew its holdings in shares of 8X8 by 16.6% during the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 in the third quarter valued at about $30,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.