8X8 (NASDAQ:EGHT) Given New $2.00 Price Target at Barclays

8X8 (NASDAQ:EGHT) had its target price decreased by Barclays from $3.00 to $2.00 in a research note issued to investors on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other equities analysts have also issued reports about the company. StockNews.com lowered 8X8 from a buy rating to a hold rating in a research note on Friday, May 10th. Morgan Stanley cut 8X8 from an equal weight rating to an underweight rating and lowered their price objective for the company from $3.00 to $2.00 in a research report on Friday, June 14th. Needham & Company LLC decreased their price target on shares of 8X8 from $3.50 to $3.00 and set a buy rating on the stock in a research note on Friday. Wells Fargo & Company lowered their price target on shares of 8X8 from $2.00 to $1.50 and set an underweight rating on the stock in a report on Friday, June 21st. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $4.00 price objective on shares of 8X8 in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, 8X8 currently has an average rating of Hold and an average price target of $2.96.

8X8 Stock Performance

Shares of EGHT traded down $0.07 during mid-day trading on Friday, hitting $1.84. The company’s stock had a trading volume of 3,052,106 shares, compared to its average volume of 1,322,656. The stock’s 50-day moving average is $2.48 and its two-hundred day moving average is $2.61. The firm has a market capitalization of $230.69 million, a PE ratio of -3.35 and a beta of 1.56. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. 8X8 has a one year low of $1.51 and a one year high of $3.92.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The company had revenue of $172.80 million during the quarter, compared to the consensus estimate of $178.90 million. During the same period last year, the company earned ($0.04) earnings per share. 8X8’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts anticipate that 8X8 will post -0.07 EPS for the current year.

Institutional Investors Weigh In On 8X8

Several large investors have recently made changes to their positions in the company. Boston Partners grew its stake in 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after buying an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC grew its position in 8X8 by 188.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after acquiring an additional 1,279,145 shares during the last quarter. Invenomic Capital Management LP grew its position in 8X8 by 91.1% during the 4th quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock worth $7,854,000 after acquiring an additional 990,352 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in 8X8 during the 4th quarter valued at $2,123,000. Finally, Vanguard Group Inc. raised its position in 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $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.