Needham & Company LLC Forecasts Strong Price Appreciation for 8X8 (NASDAQ:EGHT) Stock

8X8 (NASDAQ:EGHT - Get Free Report) had its target price hoisted by equities research analysts at Needham & Company LLC from $3.00 to $3.50 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 27.27% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities decreased their price objective on 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a report on Monday, February 3rd. Barclays upped their price objective on 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research report on Wednesday. B. Riley reaffirmed a "buy" rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. StockNews.com downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an "underweight" rating in a report on Tuesday, November 5th. Three equities 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $2.99.

8X8 Stock Performance

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

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating 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%. On average, analysts forecast that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of 8X8

Institutional investors have recently modified their holdings of the stock. B. Riley Financial Inc. acquired a new position in shares of 8X8 during the 3rd quarter worth about $1,997,000. Invenomic Capital Management LP raised its holdings in shares of 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company's stock valued at $11,278,000 after acquiring an additional 524,580 shares during the last quarter. FMR LLC lifted its position in shares of 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company's stock valued at $3,264,000 after acquiring an additional 314,441 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 worth $6,085,000 after acquiring an additional 237,181 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of 8X8 during the third quarter worth approximately $332,000. Institutional investors and hedge funds own 93.99% of the company's stock.

About 8X8

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.