8X8 (NASDAQ:EGHT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

8X8 (NASDAQ:EGHT) had its price target raised by analysts at Morgan Stanley from $2.00 to $2.60 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 3.35% from the company’s current price.

Other equities research analysts also recently issued reports about the company. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Rosenblatt Securities decreased their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Barclays boosted their price target on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.87.

8X8 Trading Down 2.2 %

NASDAQ:EGHT opened at $2.69 on Wednesday. The stock has a market cap of $351.48 million, a price-to-earnings ratio of -4.89, a PEG ratio of 26.98 and a beta of 1.63. 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 1 year low of $1.51 and a 1 year high of $3.92. The business has a fifty day moving average of $2.66 and a 200-day moving average of $2.35.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the prior year, the firm posted $0.02 EPS. 8X8’s revenue was down 2.2% compared to the same quarter last year. Equities analysts predict that 8X8 will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 in the 3rd quarter valued at approximately $30,000. Virtu Financial LLC acquired a new stake in 8X8 during the 3rd quarter valued at $36,000. Sei Investments Co. purchased a new stake in shares of 8X8 in the second quarter valued at $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 in the second quarter worth $49,000. Finally, Intech Investment Management LLC purchased a new position in shares of 8X8 during the third quarter valued at $49,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

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.