8X8 (NASDAQ:EGHT) Given New $3.30 Price Target at Rosenblatt Securities

8X8 (NASDAQ:EGHT) had its price objective reduced by equities research analysts at Rosenblatt Securities from $3.50 to $3.30 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 17.86% from the company’s current price.

Several other brokerages have also weighed in on EGHT. Barclays increased their price objective on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. B. Riley reiterated a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Wells Fargo & Company increased their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Finally, StockNews.com upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.84.

8X8 Price Performance

8X8 stock opened at $2.80 on Monday. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.56. The stock has a market capitalization of $365.85 million, a P/E ratio of -5.09, a P/E/G ratio of 24.05 and a beta of 1.66. The firm’s 50-day moving average is $2.83 and its two-hundred day moving average is $2.44. 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 announced its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company’s revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 EPS. Equities analysts predict that 8X8 will post 0.01 earnings per share for the current year.

Institutional Trading of 8X8

Large investors have recently bought and sold shares of the company. B. Riley Financial Inc. acquired a new stake in 8X8 in the third quarter valued at approximately $1,997,000. Geode Capital Management LLC grew its position in 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after acquiring an additional 237,181 shares in the last quarter. BNP Paribas Financial Markets grew its position in 8X8 by 8.2% in the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after acquiring an additional 11,287 shares in the last quarter. FMR LLC grew its position in 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after acquiring an additional 314,441 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its position in 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after acquiring an additional 60,316 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.