8X8 (NASDAQ:EGHT) Price Target Raised to $2.75 at Mizuho

8X8 (NASDAQ:EGHT) had its price objective upped by Mizuho from $2.50 to $2.75 in a report published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other analysts also recently issued research reports about the company. B. Riley restated a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wells Fargo & Company raised their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday. Needham & Company LLC dropped their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Rosenblatt Securities cut their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.82.

8X8 Trading Up 18.5 %

Shares of NASDAQ:EGHT opened at $2.75 on Tuesday. The business has a 50-day moving average price of $1.97 and a 200-day moving average price of $2.26. The stock has a market cap of $352.91 million, a price-to-earnings ratio of -5.50 and a beta of 1.54. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.92. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. Equities analysts predict that 8X8 will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Vanguard Group Inc. boosted its stake in shares of 8X8 by 5.2% in the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after acquiring an additional 561,436 shares during the last quarter. Boston Partners grew its holdings in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after buying an additional 3,073,230 shares in the last quarter. Invenomic Capital Management LP raised its position in shares of 8X8 by 27.5% in the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after buying an additional 571,245 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after buying an additional 1,279,145 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 8X8 by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after buying an additional 145,606 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.