8X8 (NASDAQ:EGHT) Price Target Raised to $3.00 at Barclays

8X8 (NASDAQ:EGHT) had its price target boosted by Barclays from $2.50 to $3.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities analysts have also issued reports on EGHT. Morgan Stanley increased their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Rosenblatt Securities reduced their target price on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, February 1st. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.99.

8X8 Stock Performance

Shares of EGHT stock opened at $2.69 on Wednesday. The firm’s 50 day moving average price is $2.81 and its 200-day moving average price is $2.44. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. 8X8 has a one year low of $1.51 and a one year high of $3.41. The firm has a market cap of $351.48 million, a P/E ratio of -4.89, a P/E/G ratio of 24.05 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping 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 predict that 8X8 will post 0.01 EPS for the current year.

Institutional Trading of 8X8

A number of institutional investors have recently bought and sold shares of EGHT. Dimensional Fund Advisors LP increased its holdings in shares of 8X8 by 10.9% in 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 during the last quarter. Sei Investments Co. acquired a new position in 8X8 in the second quarter valued at approximately $44,000. Sanctuary Advisors LLC purchased a new position in 8X8 in the second quarter valued at approximately $77,000. Creative Planning raised its holdings in 8X8 by 16.6% during the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 during the 3rd quarter worth approximately $30,000. 93.99% of the stock is 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.