8X8 (NASDAQ:EGHT) Price Target Lowered to $3.30 at Rosenblatt Securities

8X8 (NASDAQ:EGHT) had its target price trimmed by Rosenblatt Securities from $3.50 to $3.30 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, January 18th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. StockNews.com raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Morgan Stanley raised their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.84.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.72 on Monday. 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 one year low of $1.51 and a one year high of $3.41. The firm has a market capitalization of $355.40 million, a P/E ratio of -4.95, a PEG ratio of 24.05 and a beta of 1.66. The company’s fifty day moving average is $2.83 and its two-hundred day moving average is $2.44.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. Analysts forecast that 8X8 will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

Several large investors have recently added to or reduced their stakes in the business. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 during the 4th quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the third quarter worth approximately $30,000. Virtu Financial LLC purchased a new position in 8X8 during the third quarter worth approximately $36,000. Sei Investments Co. acquired a new position in shares of 8X8 in the 2nd quarter valued at $44,000. Finally, Intech Investment Management LLC purchased a new stake in shares of 8X8 during the 3rd quarter valued at $49,000. 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.