Barclays Forecasts Strong Price Appreciation for 8X8 (NASDAQ:EGHT) Stock

8X8 (NASDAQ:EGHT) had its price objective raised by stock analysts at Barclays from $2.00 to $2.50 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential downside of 12.59% from the company’s current price.

EGHT has been the subject of several other reports. B. Riley reissued a “buy” rating and set a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Needham & Company LLC reduced their price objective on shares of 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 upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Rosenblatt Securities reduced their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.82.

8X8 Stock Up 4.0 %

EGHT opened at $2.86 on Tuesday. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92. The business has a 50 day moving average price of $1.99 and a two-hundred day moving average price of $2.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The company has a market cap of $367.02 million, a PE ratio of -5.72 and a beta of 1.54.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts anticipate that 8X8 will post -0.09 EPS for the current year.

Institutional Trading of 8X8

Several large investors have recently modified their holdings of the business. Boston Partners lifted its stake in 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after buying an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after acquiring an additional 1,279,145 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of 8X8 by 105.1% during the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after acquiring an additional 576,418 shares during the last quarter. Invenomic Capital Management LP increased its position in 8X8 by 27.5% during the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after purchasing an additional 571,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after purchasing an additional 561,436 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

8×8, 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 8×8 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; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 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.