Barclays Forecasts Strong Price Appreciation for 8X8 (NASDAQ:EGHT) Stock

8X8 (NASDAQ:EGHT) had its price objective raised by Barclays from $2.00 to $2.50 in a research note released on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other analysts have also recently weighed in on the stock. B. Riley reiterated a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Needham & Company LLC decreased their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Rosenblatt Securities cut their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th. Finally, StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.82.

8X8 Stock Performance

Shares of NASDAQ:EGHT opened at $2.95 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. The company has a 50-day moving average price of $1.99 and a 200-day moving average price of $2.26. The company has a market cap of $378.57 million, a price-to-earnings ratio of -5.35 and a beta of 1.54. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.92.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative return on equity of 6.06% and a negative net margin of 9.68%. 8X8’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.02 EPS. As a group, equities analysts anticipate that 8X8 will post -0.09 EPS for the current year.

Institutional Trading of 8X8

A number of hedge funds have recently made changes to their positions in EGHT. Price T Rowe Associates Inc. MD increased its position in 8X8 by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after buying an additional 4,255 shares in the last quarter. Creative Planning grew its stake in shares of 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after acquiring an additional 5,453 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 in the third quarter worth $30,000. Dynamic Advisor Solutions LLC increased its holdings in shares of 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after acquiring an additional 15,665 shares in the last quarter. Finally, Sei Investments Co. purchased a new position in shares of 8X8 in the 2nd quarter worth about $44,000. 93.99% of the stock is owned by institutional investors.

About 8X8

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.