8X8 (NASDAQ:EGHT) Given New $2.75 Price Target at Mizuho

8X8 (NASDAQ:EGHT - Get Free Report) had its price objective increased by analysts at Mizuho from $2.50 to $2.75 in a research note issued on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the stock.

EGHT has been the subject of a number of other research reports. Wells Fargo & Company increased their target price on shares of 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a report on Tuesday. Barclays raised their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an "equal weight" rating in a research report on Tuesday. Rosenblatt Securities lowered their price target on shares of 8X8 from $4.00 to $3.50 and set a "buy" rating for the company in a report on Monday, October 28th. B. Riley reissued a "buy" rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Wedbush raised 8X8 to a "hold" rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.82.

8X8 Stock Performance

Shares of NASDAQ:EGHT traded up $0.43 on Tuesday, reaching $2.75. 4,344,309 shares of the company's stock were exchanged, compared to its average volume of 1,197,880. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.92. The company has a fifty day moving average of $1.97 and a 200-day moving average of $2.26. The company has a market capitalization of $352.91 million, a price-to-earnings ratio of -5.50 and a beta of 1.54. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT - Get Free Report) last posted 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. The firm had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company's revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.02 EPS. On average, research analysts predict that 8X8 will post -0.09 EPS for the current fiscal year.

Institutional Trading of 8X8

Institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 in the 3rd quarter worth approximately $30,000. Sei Investments Co. acquired a new stake in 8X8 during the 2nd quarter worth about $44,000. XTX Topco Ltd bought a new position in shares of 8X8 in the 2nd quarter worth about $49,000. Dynamic Advisor Solutions LLC lifted its stake in shares of 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock valued at $77,000 after purchasing an additional 15,665 shares during the period. Finally, Williams & Novak LLC bought a new stake in shares of 8X8 during the 2nd quarter valued at about $77,000. 93.99% of the stock is currently owned by institutional investors.

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.