8x8, Inc. (NASDAQ:EGHT) Receives $2.93 Consensus Target Price from Analysts

8x8, Inc. (NASDAQ:EGHT - Get Free Report) has received a consensus rating of "Hold" from the eight analysts that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $2.93.

A number of analysts have issued reports on EGHT shares. Needham & Company LLC cut their target price on 8X8 from $3.50 to $3.00 and set a "buy" rating for the company in a research note on Friday, August 9th. StockNews.com downgraded shares of 8X8 from a "buy" rating to a "hold" rating in a research note on Friday, October 25th. Wedbush raised 8X8 to a "hold" rating in a research report on Thursday, October 17th. Barclays decreased their price target on 8X8 from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Friday, August 9th. Finally, Rosenblatt Securities lowered their target price on shares of 8X8 from $4.00 to $3.50 and set a "buy" rating on the stock in a research report on Monday.

Institutional Trading of 8X8

Large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the 3rd quarter worth $30,000. Sei Investments Co. bought a new stake in 8X8 during the second quarter worth about $44,000. XTX Topco Ltd acquired a new stake in 8X8 during the 2nd quarter valued at $49,000. Sanctuary Advisors LLC bought a new position in shares of 8X8 in the second quarter valued at about $77,000. Finally, Williams & Novak LLC acquired a new stake in shares of 8X8 in the second quarter valued at approximately $77,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Trading Up 3.3 %

EGHT stock traded up $0.07 during midday trading on Wednesday, reaching $2.17. 882,667 shares of the company traded hands, compared to its average volume of 1,182,410. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The business has a 50 day moving average of $1.93 and a 200-day moving average of $2.26. The firm has a market capitalization of $278.48 million, a price-to-earnings ratio of -4.32 and a beta of 1.56. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.92.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $172.80 million for the quarter, compared to analysts' expectations of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The company's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) earnings per share. As a group, sell-side analysts expect that 8X8 will post -0.08 earnings per share for the current fiscal year.

8X8 Company Profile

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.