8X8 (NASDAQ:EGHT) Given New $2.50 Price Target at Barclays

8X8 (NASDAQ:EGHT) had its target price boosted by Barclays from $2.00 to $2.50 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential downside of 12.59% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. Wedbush raised 8X8 to a “hold” rating in a research note on Thursday, October 17th. Needham & Company LLC reduced their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. B. Riley reissued a “buy” rating and issued a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday. Finally, Rosenblatt Securities lowered their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2.82.

8X8 Stock Performance

Shares of EGHT stock opened at $2.86 on Tuesday. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market capitalization of $367.02 million, a price-to-earnings ratio of -5.72 and a beta of 1.54. 8X8 has a one year low of $1.51 and a one year high of $3.92. The company has a 50 day moving average price of $1.99 and a 200 day moving average price of $2.26.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period in the prior year, the firm posted $0.02 EPS. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. Sell-side analysts anticipate that 8X8 will post -0.09 EPS for the current year.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 in the third quarter valued at about $30,000. Sei Investments Co. purchased a new position in shares of 8X8 during the 2nd quarter valued at approximately $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 during the second quarter worth approximately $49,000. Dynamic Advisor Solutions LLC increased its stake in shares of 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares during the last quarter. Finally, Williams & Novak LLC bought a new position in 8X8 during the 2nd quarter valued at $77,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.