8X8 (NASDAQ:EGHT) Given New $3.00 Price Target at Barclays

8X8 (NASDAQ:EGHT) had its target price lifted by research analysts at Barclays from $2.50 to $3.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 5.63% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Wells Fargo & Company raised 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. Rosenblatt Securities reduced their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday. B. Riley restated a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Finally, Morgan Stanley upped their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Trading Up 4.4 %

Shares of 8X8 stock opened at $2.84 on Wednesday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The business has a fifty day simple moving average of $2.81 and a two-hundred day simple moving average of $2.44. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.41. The company has a market capitalization of $371.07 million, a price-to-earnings ratio of -5.16, a P/E/G ratio of 24.05 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. Research analysts forecast that 8X8 will post 0.01 EPS for the current year.

Institutional Trading of 8X8

Several institutional investors and hedge funds have recently modified their holdings of EGHT. B. Riley Financial Inc. bought a new position in 8X8 in the third quarter valued at about $1,997,000. Geode Capital Management LLC boosted its stake in shares of 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of 8X8 by 8.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after purchasing an additional 11,287 shares during the last quarter. FMR LLC increased its position in 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in 8X8 by 178.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after purchasing an additional 60,316 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

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.