8X8 (NASDAQ:EGHT) Price Target Raised to $2.50 at Barclays

8X8 (NASDAQ:EGHT - Free Report) had its price target upped by Barclays from $2.00 to $2.50 in a report released on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

EGHT has been the subject of several other reports. StockNews.com upgraded 8X8 from a "hold" rating to a "buy" rating in a research report on Monday. B. Riley restated a "buy" rating and set a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Rosenblatt Securities reduced their price objective on 8X8 from $4.00 to $3.50 and set a "buy" rating on the stock in a research note on Monday, October 28th. Needham & Company LLC lowered their price target on shares of 8X8 from $3.50 to $3.00 and set a "buy" rating for the company in a report on Friday, August 9th. Finally, Wedbush raised shares of 8X8 to a "hold" rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2.82.

8X8 Trading Up 18.5 %

Shares of 8X8 stock traded up $0.43 during trading on Tuesday, hitting $2.75. The company's stock had a trading volume of 4,344,309 shares, compared to its average volume of 1,197,880. The stock has a market cap of $352.91 million, a price-to-earnings ratio of -5.50 and a beta of 1.54. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92. The stock has a 50-day moving average price of $1.97 and a two-hundred day moving average price of $2.26.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The business's revenue was down 2.2% compared to the same quarter last year. Equities research analysts anticipate that 8X8 will post -0.09 EPS for the current fiscal year.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGHT. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 during the 3rd quarter worth $30,000. Sei Investments Co. acquired a new position in 8X8 during the second quarter worth about $44,000. XTX Topco Ltd purchased a new stake in 8X8 during the 2nd quarter valued at about $49,000. Dynamic Advisor Solutions LLC raised its holdings in 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 acquiring an additional 15,665 shares during the last quarter. Finally, Williams & Novak LLC purchased a new position in 8X8 in the 2nd quarter worth approximately $77,000. 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.