8×8, Inc. (NASDAQ:EGHT) Receives $2.87 Consensus PT from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned an average recommendation of “Hold” from the eight ratings firms that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $2.87.

A number of brokerages recently commented on EGHT. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Rosenblatt Securities decreased their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Morgan Stanley increased their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday. Finally, Wells Fargo & Company upped their target price on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th.

Institutional Investors Weigh In On 8X8

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in 8X8 during the 2nd quarter valued at approximately $217,000. Bank of New York Mellon Corp grew its position in 8X8 by 10.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock valued at $1,239,000 after buying an additional 52,371 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in 8X8 by 2,383.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock valued at $108,000 after buying an additional 46,564 shares during the last quarter. Principal Financial Group Inc. increased its stake in 8X8 by 12.7% in the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock valued at $414,000 after buying an additional 21,087 shares during the period. Finally, American Century Companies Inc. raised its position in 8X8 by 21.6% during the 2nd quarter. American Century Companies Inc. now owns 154,009 shares of the company’s stock worth $342,000 after buying an additional 27,306 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Trading Up 1.1 %

NASDAQ:EGHT opened at $2.72 on Thursday. The stock has a fifty day moving average price of $2.67 and a 200 day moving average price of $2.35. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.92. The firm has a market cap of $355.40 million, a PE ratio of -4.95, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Sell-side analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal year.

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.