Brokerages Set 8x8, Inc. (NASDAQ:EGHT) Target Price at $2.87

8x8, Inc. (NASDAQ:EGHT - Get Free Report) has been assigned a consensus rating of "Hold" from the eight research firms that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $2.87.

Several equities research analysts have recently issued reports on EGHT shares. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a research report on Tuesday, November 5th. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Wedbush upgraded 8X8 to a "hold" rating in a report on Thursday, October 17th. Rosenblatt Securities decreased their target price on 8X8 from $4.00 to $3.50 and set a "buy" rating for the company in a research note on Monday, October 28th. Finally, Mizuho lowered shares of 8X8 from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $2.75 to $2.50 in a research note on Friday, December 13th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of 8X8 during the third quarter worth about $30,000. Virtu Financial LLC purchased a new stake in 8X8 during the 3rd quarter valued at approximately $36,000. Sei Investments Co. acquired a new stake in 8X8 during the 2nd quarter worth approximately $44,000. XTX Topco Ltd purchased a new position in shares of 8X8 in the 2nd quarter valued at approximately $49,000. Finally, Intech Investment Management LLC acquired a new position in shares of 8X8 in the third quarter valued at approximately $49,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Stock Down 2.2 %

Shares of NASDAQ EGHT traded down $0.06 during mid-day trading on Thursday, hitting $2.69. The company had a trading volume of 554,992 shares, compared to its average volume of 1,162,919. The company has a market capitalization of $351.48 million, a PE ratio of -4.89, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. The business's 50-day simple moving average is $2.66 and its 200 day simple moving average is $2.35. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92. 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 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million during the quarter, compared to analysts' expectations of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 EPS. On average, analysts predict that 8X8 will post 0.01 earnings per share for the current year.

About 8X8

8x8, 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 8x8 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; 8x8 Contact Center, a cloud-based contact center as-a-service solution; and 8x8 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.