8×8, Inc. (NASDAQ:EGHT) Receives $2.82 Consensus PT from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned an average rating of “Hold” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $2.82.

Several equities analysts have weighed in on the stock. Mizuho lifted their price target on shares of 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Needham & Company LLC lowered their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Barclays boosted their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Wells Fargo & Company boosted their target price on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Finally, Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th.

8X8 Stock Performance

Shares of EGHT stock opened at $3.16 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $412.89 million, a PE ratio of -5.75, a P/E/G ratio of 26.12 and a beta of 1.54. The company has a 50 day moving average price of $2.30 and a 200-day moving average price of $2.32. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 earnings per share. As a group, equities research analysts expect that 8X8 will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 during the third quarter valued at $30,000. Virtu Financial LLC bought a new position in shares of 8X8 in the third quarter worth about $36,000. Sei Investments Co. bought a new position in shares of 8X8 in the second quarter worth about $44,000. XTX Topco Ltd bought a new position in shares of 8X8 in the second quarter worth about $49,000. Finally, Intech Investment Management LLC bought a new position in shares of 8X8 in the third quarter worth about $49,000. Institutional investors own 93.99% of the company’s stock.

About 8X8

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.