8×8, Inc. (NASDAQ:EGHT) Receives $2.99 Consensus Target Price from Analysts

8×8, Inc. (NASDAQ:EGHT) has earned an average recommendation of “Hold” from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $2.99.

A number of brokerages have recently issued reports on EGHT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, February 1st. Morgan Stanley increased their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Barclays raised their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Finally, Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. grew its position in 8X8 by 0.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares during the period. Creative Planning boosted its stake in shares of 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares during the last quarter. Rhumbline Advisers grew its holdings in 8X8 by 5.2% during the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after acquiring an additional 8,100 shares during the period. Pallas Capital Advisors LLC purchased a new position in 8X8 during the fourth quarter valued at approximately $29,000. Finally, BNP Paribas Financial Markets lifted its holdings in 8X8 by 8.2% in the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after acquiring an additional 11,287 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

Shares of EGHT stock opened at $2.75 on Friday. The stock’s 50-day moving average is $2.79 and its 200 day moving average is $2.44. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.41. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.18. The company has a market cap of $362.15 million, a P/E ratio of -7.64, a PEG ratio of 24.40 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Research analysts predict that 8X8 will post 0.01 earnings per share for the current fiscal year.

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.