8X8 (NASDAQ:EGHT) Price Target Raised to $3.00

8X8 (NASDAQ:EGHT) had its price objective boosted by Barclays from $2.50 to $3.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. B. Riley restated a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a report on Saturday, February 1st. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Down 5.3 %

EGHT opened at $2.69 on Wednesday. The stock has a market capitalization of $351.48 million, a P/E ratio of -4.89, a price-to-earnings-growth ratio of 24.05 and a beta of 1.66. 8X8 has a one year low of $1.51 and a one year high of $3.41. The business’s 50-day simple moving average is $2.81 and its 200-day simple moving average is $2.44. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18.

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

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. grew its holdings in 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after acquiring an additional 4,145 shares during the period. Creative Planning grew its stake in shares of 8X8 by 16.6% during the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares during the period. Rhumbline Advisers grew its stake in shares of 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after purchasing an additional 8,100 shares during the period. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 during the 4th quarter worth $29,000. Finally, BNP Paribas Financial Markets grew 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 period. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Company Profile

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.