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

8X8 (NASDAQ:EGHT - Free Report) had its price target increased by Barclays from $2.50 to $3.00 in a research report report published on Wednesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. StockNews.com cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday. Morgan Stanley boosted their price target 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. B. Riley reiterated a "buy" rating and issued a $4.00 price objective (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a report on Tuesday, November 5th. Finally, Rosenblatt Securities lowered their price objective on 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a research report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, 8X8 has a consensus rating of "Hold" and a consensus price target of $2.99.

8X8 Trading Down 3.2 %

Shares of NASDAQ:EGHT traded down $0.09 during mid-day trading on Wednesday, reaching $2.75. 1,535,800 shares of the company were exchanged, compared to its average volume of 914,121. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.41. The firm's 50-day simple moving average is $2.79 and its 200 day simple moving average is $2.44. The firm has a market cap of $362.15 million, a price-to-earnings ratio of -7.64, a P/E/G ratio of 24.40 and a beta of 1.66. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. Equities research analysts forecast that 8X8 will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invenomic Capital Management LP raised its holdings in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company's stock valued at $11,278,000 after buying an additional 524,580 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock valued at $6,085,000 after purchasing an additional 237,181 shares during the period. FMR LLC raised its stake in shares of 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company's stock worth $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of 8X8 by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company's stock worth $3,294,000 after purchasing an additional 145,606 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in 8X8 by 6.0% in 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 buying an additional 80,042 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8x8, 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.