8X8 (NASDAQ:EGHT) Stock Price Expected to Rise, Barclays Analyst Says

8X8 (NASDAQ:EGHT) had its price objective hoisted by equities research analysts at Barclays from $2.50 to $3.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential upside of 5.63% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company raised their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a report on Saturday, February 1st. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Three investment 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.99.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.84 on Wednesday. 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 has a one year low of $1.51 and a one year high of $3.41. The company’s fifty day moving average price is $2.80 and its 200-day moving average price is $2.44. The firm has a market capitalization of $371.07 million, a price-to-earnings ratio of -5.16, a PEG ratio of 24.05 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last released its 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%. On average, equities research analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 8X8

Several institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in 8X8 during the 4th quarter valued at about $144,000. Charles Schwab Investment Management Inc. lifted its position in 8X8 by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company’s stock valued at $3,788,000 after acquiring an additional 80,042 shares during the period. Ieq Capital LLC purchased a new position in 8X8 during the 4th quarter valued at about $85,000. Rhumbline Advisers lifted its position in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after acquiring an additional 8,100 shares during the period. Finally, SG Americas Securities LLC lifted its position in 8X8 by 39.4% during the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock valued at $163,000 after acquiring an additional 17,259 shares during the period. 93.99% of the stock is 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.