Wells Fargo & Company Cuts 8X8 (NASDAQ:EGHT) Price Target to $1.50

8X8 (NASDAQ:EGHTFree Report) had its price target trimmed by Wells Fargo & Company from $2.00 to $1.50 in a research report report published on Friday, Benzinga reports. The firm currently has an underweight rating on the stock.

Several other research firms also recently commented on EGHT. Morgan Stanley downgraded shares of 8X8 from an equal weight rating to an underweight rating and decreased their target price for the stock from $3.00 to $2.00 in a research report on Friday, June 14th. Needham & Company LLC reissued a buy rating and issued a $3.50 price objective on shares of 8X8 in a research note on Monday, May 20th. StockNews.com lowered 8X8 from a buy rating to a hold rating in a report on Friday, May 10th. Finally, Rosenblatt Securities reiterated a buy rating and set a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, 8X8 currently has a consensus rating of Hold and an average price target of $3.11.

Read Our Latest Stock Analysis on EGHT

8X8 Price Performance

8X8 stock opened at $2.02 on Friday. The stock has a market capitalization of $253.27 million, a price-to-earnings ratio of -3.67 and a beta of 1.57. 8X8 has a 52-week low of $1.85 and a 52-week high of $4.88. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The stock’s 50 day moving average price is $2.45 and its two-hundred day moving average price is $2.86.

8X8 (NASDAQ:EGHTGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $179.41 million for the quarter, compared to analyst estimates of $178.85 million. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) earnings per share. On average, equities analysts predict that 8X8 will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

Several large investors have recently modified their holdings of the business. Dark Forest Capital Management LP purchased a new position in shares of 8X8 in the third quarter valued at $43,000. Victory Capital Management Inc. boosted its stake in 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after purchasing an additional 4,670 shares during the period. Tower Research Capital LLC TRC grew its holdings in 8X8 by 494.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock valued at $88,000 after buying an additional 19,310 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of 8X8 during the third quarter valued at about $63,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of 8X8 in the third quarter worth about $65,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

(Get Free Report)

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.

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