8X8 (NASDAQ:EGHT) Price Target Raised to $3.50

8X8 (NASDAQ:EGHT) had its target price increased by analysts at Needham & Company LLC from $3.00 to $3.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 23.24% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Rosenblatt Securities cut their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Barclays lifted their price target on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Up 4.4 %

NASDAQ:EGHT opened at $2.84 on Wednesday. The firm has a market capitalization of $371.07 million, a P/E ratio of -5.16, a PEG ratio of 24.05 and a beta of 1.66. The company’s fifty day moving average price is $2.81 and its 200-day moving average price is $2.44. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.41. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. As a group, equities research analysts anticipate that 8X8 will post 0.01 EPS for the current year.

Institutional Trading of 8X8

Large investors have recently made changes to their positions in the company. Invenomic Capital Management LP boosted its stake in 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after buying an additional 237,181 shares in the last quarter. FMR LLC boosted its position in 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after acquiring an additional 314,441 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in 8X8 by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock valued at $3,294,000 after acquiring an additional 145,606 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in 8X8 by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after acquiring an additional 23,731 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

About 8X8

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.