Wells Fargo & Company Issues Positive Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT - Get Free Report) had its price target increased by equities research analysts at Wells Fargo & Company from $1.50 to $2.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential downside of 27.27% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. Needham & Company LLC lowered their price objective on shares of 8X8 from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday, August 9th. B. Riley reiterated a "buy" rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. StockNews.com upgraded shares of 8X8 from a "hold" rating to a "buy" rating in a research report on Monday. Wedbush raised shares of 8X8 to a "hold" rating in a report on Thursday, October 17th. Finally, Barclays boosted their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an "equal weight" rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.82.

8X8 Price Performance

Shares of NASDAQ:EGHT traded up $0.43 during midday trading on Tuesday, hitting $2.75. The stock had a trading volume of 4,344,309 shares, compared to its average volume of 1,197,880. The company's 50-day moving average price is $1.97 and its 200-day moving average price is $2.26. The company has a market capitalization of $352.91 million, a P/E ratio of -5.50 and a beta of 1.54. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92.

8X8 (NASDAQ:EGHT - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 8.65% and a negative return on equity of 6.51%. The firm's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.02 EPS. As a group, equities research analysts predict that 8X8 will post -0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EGHT. Mirae Asset Global Investments Co. Ltd. acquired a new position in 8X8 during the first quarter worth $229,000. BNP Paribas Financial Markets raised its holdings in 8X8 by 77.4% during the first quarter. BNP Paribas Financial Markets now owns 166,619 shares of the company's stock worth $450,000 after buying an additional 72,707 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in 8X8 during the first quarter worth $732,000. First Eagle Investment Management LLC acquired a new position in 8X8 during the first quarter worth $1,482,000. Finally, Vanguard Group Inc. raised its holdings in 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company's stock worth $30,912,000 after buying an additional 561,436 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Company Profile

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.