Needham & Company LLC Boosts 8X8 (NASDAQ:EGHT) Price Target to $3.50

8X8 (NASDAQ:EGHT) had its price target lifted by equities research analysts at Needham & Company LLC from $3.00 to $3.50 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 23.24% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on EGHT. Rosenblatt Securities cut their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley lifted their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. B. Riley restated a “buy” rating and issued a $4.00 price objective (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 report on Thursday, October 17th. Finally, StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Price Performance

8X8 stock opened at $2.84 on Wednesday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The stock has a market cap of $371.07 million, a P/E ratio of -5.16, a PEG ratio of 24.05 and a beta of 1.66. The company has a 50-day moving average price of $2.81 and a 200 day moving average price of $2.44. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.41.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. Sell-side analysts anticipate that 8X8 will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pallas Capital Advisors LLC acquired a new stake in 8X8 in the 4th quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 in the third quarter valued at approximately $30,000. Virtu Financial LLC purchased a new position in 8X8 in the third quarter worth approximately $36,000. Sei Investments Co. acquired a new position in 8X8 during the 2nd quarter worth approximately $44,000. Finally, Intech Investment Management LLC purchased a new stake in 8X8 during the 3rd quarter worth about $49,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

8×8, 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.