Wells Fargo & Company Issues Positive Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price target hoisted by Wells Fargo & Company from $1.50 to $2.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

EGHT has been the topic of a number of other research reports. Barclays raised their target price on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday. Needham & Company LLC reduced their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. B. Riley reiterated a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Rosenblatt Securities dropped their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Two equities research 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 MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $2.82.

8X8 Stock Up 1.0 %

EGHT stock opened at $2.98 on Tuesday. The company has a market cap of $382.42 million, a PE ratio of -5.42 and a beta of 1.54. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.92. The business has a 50-day simple moving average of $2.04 and a 200 day simple moving average of $2.27.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.06%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 EPS. Sell-side analysts anticipate that 8X8 will post -0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Boston Partners grew its holdings in 8X8 by 473.2% during the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after acquiring an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after purchasing an additional 1,279,145 shares during the period. First Eagle Investment Management LLC grew its stake in shares of 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after purchasing an additional 576,418 shares during the last quarter. Invenomic Capital Management LP increased its holdings in 8X8 by 27.5% in the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after purchasing an additional 571,245 shares during the period. Finally, Vanguard Group Inc. raised its position in 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after purchasing an additional 561,436 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

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.