8X8 (NASDAQ:EGHT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

8X8 (NASDAQ:EGHT - Free Report) had its target price raised by Morgan Stanley from $2.00 to $2.60 in a research report sent to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

EGHT has been the topic of a number of other research reports. Barclays lifted their price target on shares of 8X8 from $2.00 to $2.50 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. Mizuho lowered shares of 8X8 from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. B. Riley reiterated a "buy" rating and set a $4.00 target price (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Wells Fargo & Company boosted their price target on 8X8 from $1.50 to $2.00 and gave the company an "underweight" rating in a report on Tuesday, November 5th. Finally, Wedbush upgraded 8X8 to a "hold" rating in a report on Thursday, October 17th. 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2.87.

8X8 Trading Down 0.7 %

EGHT traded down $0.02 during mid-day trading on Wednesday, hitting $2.75. The stock had a trading volume of 912,287 shares, compared to its average volume of 1,165,411. The stock's fifty day simple moving average is $2.64 and its 200-day simple moving average is $2.35. The firm has a market capitalization of $359.32 million, a price-to-earnings ratio of -5.00, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. 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 posted its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The firm 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 company's revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.02 earnings per share. As a group, research analysts forecast that 8X8 will post 0.01 EPS for the current fiscal year.

Institutional Trading of 8X8

A number of large investors have recently added to or reduced their stakes in EGHT. B. Riley Financial Inc. bought a new stake in shares of 8X8 in the 3rd quarter valued at about $1,997,000. BNP Paribas Financial Markets increased its position in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company's stock worth $302,000 after buying an additional 11,287 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 buying an additional 314,441 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of 8X8 during the 2nd quarter worth approximately $77,000. Finally, First Eagle Investment Management LLC boosted its stake in shares of 8X8 by 105.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company's stock worth $2,498,000 after acquiring an additional 576,418 shares during the period. Institutional investors and hedge funds own 93.99% of the company's stock.

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.