8X8 (NASDAQ:EGHT) Price Target Cut to $3.50 by Analysts at Needham & Company LLC

8X8 (NASDAQ:EGHT) had its price objective decreased by equities researchers at Needham & Company LLC from $5.00 to $3.50 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 24.56% from the stock’s previous close.

Several other research analysts have also issued reports on the company. Morgan Stanley reduced their target price on 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Three analysts have rated the stock with 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 “Moderate Buy” and a consensus price target of $3.46.

8X8 Stock Up 20.1 %

8X8 stock traded up $0.47 during trading hours on Thursday, reaching $2.81. The stock had a trading volume of 3,520,864 shares, compared to its average volume of 1,421,843. The company has a market cap of $346.81 million, a price-to-earnings ratio of -6.39 and a beta of 1.46. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. The business’s 50 day moving average price is $2.54 and its 200-day moving average price is $2.93. 8X8 has a 52 week low of $2.12 and a 52 week high of $4.88.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. The firm had revenue of $179.41 million during the quarter, compared to analyst estimates of $178.85 million. 8X8 had a negative net margin of 7.28% and a negative return on equity of 5.89%. 8X8’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) EPS. Sell-side analysts anticipate that 8X8 will post -0.06 EPS for the current year.

Insider Transactions at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $2.66, for a total transaction of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at approximately $2,719,286.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 32,289 shares of company stock worth $81,979 over the last 90 days. 1.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently made changes to their positions in EGHT. Dark Forest Capital Management LP acquired a new stake in shares of 8X8 in the third quarter valued at approximately $43,000. Victory Capital Management Inc. increased its position in 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after purchasing an additional 4,670 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in 8X8 by 494.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock valued at $88,000 after purchasing an additional 19,310 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of 8X8 in the 3rd quarter valued at approximately $63,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of 8X8 during the 3rd quarter worth approximately $65,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.