8×8, Inc. (NASDAQ:EGHT) Receives $2.99 Consensus Price Target from Analysts

8×8, Inc. (NASDAQ:EGHT) has received an average rating of “Hold” from the eight ratings firms that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $2.99.

Several brokerages have recently issued reports on EGHT. B. Riley restated a “buy” rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Wells Fargo & Company raised their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Barclays boosted their target price on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, February 1st.

Institutional Trading of 8X8

A number of large investors have recently modified their holdings of EGHT. Pallas Capital Advisors LLC bought a new stake in 8X8 during the 4th quarter valued at $29,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of 8X8 in the third quarter valued at about $30,000. Virtu Financial LLC purchased a new stake in 8X8 in the third quarter worth about $36,000. Sei Investments Co. purchased a new stake in 8X8 in the second quarter worth about $44,000. Finally, Intech Investment Management LLC bought a new position in 8X8 during the 3rd quarter worth about $49,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

NASDAQ EGHT opened at $2.75 on Friday. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.18. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.41. The business has a 50 day simple moving average of $2.79 and a two-hundred day simple moving average of $2.44. The stock has a market capitalization of $362.15 million, a PE ratio of -7.64, a P/E/G ratio of 24.40 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, research analysts predict that 8X8 will post 0.01 EPS for the current fiscal year.

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.